Mkt making lower lows & lower highs forming a downtrend. Currently the market is in a recovery rally and testing the previous swing high of the downtrend. This sets up a bearish trade opportunity at great location offering traders around a 3:1 reward to risk.
Although the invalidation point for the downtrend is technically the 1.3215 resistance zone it makes sense to place stops above the 1.3295 swing point just above as there is still plenty of reward potential in the trade.
Aggressive traders may enter on a limit at or near the resistance zone, conservative traders may wait for an entry signal within the resistance zone before entry.
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