It looks like the price is going to reach a support zone between 1.14000 support level and SMA200. We got a breakout below SMA50 in the daily chart. It gave us a solid bearish signal. MACD and RSI are bearish and support the further downward movement. The weekly chart gives us a solid bearish signal based on the reversal candlestick pattern from 1.20000 resistance.
We can use the hourly and minute charts for searching the exact entry points. Reversal signals from MAs will be good for short trades. Don't forget about the proper risk and money management. Use stop orders above the local swing highs and resistance zones. The main profit target for all short trades can be 1.14000 support zone.
Disclaimer!
This post does not provide financial advice. It is for educational purposes only! You can use the information from the post to make your own trading plan for the market. But you must do your own research and use it as the priority. Trading is risky, and it is not suitable for everyone. Only you can be responsible for your trading.
We can use the hourly and minute charts for searching the exact entry points. Reversal signals from MAs will be good for short trades. Don't forget about the proper risk and money management. Use stop orders above the local swing highs and resistance zones. The main profit target for all short trades can be 1.14000 support zone.
Disclaimer!
This post does not provide financial advice. It is for educational purposes only! You can use the information from the post to make your own trading plan for the market. But you must do your own research and use it as the priority. Trading is risky, and it is not suitable for everyone. Only you can be responsible for your trading.
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