On the higher time frame ( Daily ) we recently broke the structure of a lower trend line. When this happens traders normally wait until a retest of that trend line in order to make a decision to hop on for trend continuation. This is all i did here, but instead of just waiting for a retest of the trend line, i have put a few other rules in my plan for when this happens just to give me a little more conformation that my analysis is correct ( more than it is incorrect ). Upon this retest we have put in a double top with RSI divergence at previous support levels and at a previous trend line that could in fact become a new resistance level. These are the reasons i am currently short this pair. I hope you enjoyed the analysis! Hit the thumbs up for me and if you would like to see more analysis like this then check out my YOUTUBE channel for live trades and lessons on some of the strategies i use in the markets.
I am also short from 1.664 area. Retracement from last move down briefly kissed the .618 and there is divergence on the MACD too. Aiming for 1.639. Good Luck!
StevenH
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Awesone! sounds like a good trade! Good luck to you aswell