Perfect time to sell this pairing, as you can see price smashed through a phycological level of 1.16 marked on the chart, now when a strong level like this breaks then we look for price to come back up and retest this level as resistance just like it is currently doing!
The good thing about taking a trade at a retest of such a strong level is you can put a tight stop loss on, because more than likely we will get that drop, but on the other hand if price breaks back above this level then price could fly up, so if you keep a tight stop then you are covered.
If you have any questions then please message me.
Cheers.
The good thing about taking a trade at a retest of such a strong level is you can put a tight stop loss on, because more than likely we will get that drop, but on the other hand if price breaks back above this level then price could fly up, so if you keep a tight stop then you are covered.
If you have any questions then please message me.
Cheers.