My main screening process alerted me to this potential move on this pair.
As you can see, there are a number of MACD trend lines broken on both the MA lines, and the histo, so momentum is bias towards the downside. Add to this an area of apparent resistance at around 1.14061, which happens to be in line with an area that showed supp/res on the way down. Also, this area is very close to the 50% fib.
My trade is based on the statistical probability that the push down to 1.13084 will be the first of at least two or three pushes towards lower prices.
As you can see, there are a number of MACD trend lines broken on both the MA lines, and the histo, so momentum is bias towards the downside. Add to this an area of apparent resistance at around 1.14061, which happens to be in line with an area that showed supp/res on the way down. Also, this area is very close to the 50% fib.
My trade is based on the statistical probability that the push down to 1.13084 will be the first of at least two or three pushes towards lower prices.