This pair is still bearish and I am waiting for a fall, price will need to break support (level 1) before we enter another sell.
I intend to TP at level 2 BUT if price is gaining momentum and signals are showing that price will continue falling then we will adjust the SL to the level below (Level 3)
Price may again come up for a retest of the previous level, if this is the case we will buy towards what is now resistance.
Confirmation of bearish trend:
Divergence 1hr TF / There is no change in divergence on the 4hr which tells me price is ready to drop
DXY is bullish and we are anticipating a breakout
Other correlating pairs are also looking very bearish and we are looking to capitalize on those also
I intend to TP at level 2 BUT if price is gaining momentum and signals are showing that price will continue falling then we will adjust the SL to the level below (Level 3)
Price may again come up for a retest of the previous level, if this is the case we will buy towards what is now resistance.
Confirmation of bearish trend:
Divergence 1hr TF / There is no change in divergence on the 4hr which tells me price is ready to drop
DXY is bullish and we are anticipating a breakout
Other correlating pairs are also looking very bearish and we are looking to capitalize on those also