This pair has seen an impressive bull run from 107.65 to its current levels.It has however indicated signs of a potential reversal with its formation of rising wedge consolidation pattern.A successful break below this level will take us to the 23.6 % Fibonacci retracement of the price swing at 108.6,with a break below this level taking us to 108.294, the 50% Fib. retracement of the aforementioned price swing.
Stops should be placed just above the recent high at 108.89.
Use proper position sizing.
Stops should be placed just above the recent high at 108.89.
Use proper position sizing.