On the 4H chart the pair has rejected the bearish movement by retracing into the C1 channel and T1 trend line. However this pair still maintains a bearish bias as the EMA,50 is above the EMA,26 and therefore confirmation of another bullish wave to the Rising wedge formation would be if the T1 trend line is retested.
Upon T1 trend line retesting, trade set up:
- Entry position: 1.3400
- S/L: 1.3380
- T/P 1: 1.3460
- T/P 2: 1.3506
Caution: if pair closes below the T1 trend line then the bearish bias has more validation
Upon T1 trend line retesting, trade set up:
- Entry position: 1.3400
- S/L: 1.3380
- T/P 1: 1.3460
- T/P 2: 1.3506
Caution: if pair closes below the T1 trend line then the bearish bias has more validation
