Weekly: Over extended to the upside, hit horizontal resistance line of 83.00, form a nice high test candle Daily: Hit previous resistance zone of 82.50~83.50. Doji candle followed by a bear engulfing candle, bearish momentum confirmed 1 Hour: Price broke the short term support trend line first, then break down the long term support trend line dated back from the US election on November 8th 2016. Price begin to form a bearish flag pattern, sell at the break out. Looking to take this pair to daily strong horizontal support zone 80.00 and 0.382 fibs retracement for roughly 4:1 reward risk ratio.
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Here is the WEEKLY CHART:
Here is the DAILY CHART:
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Move Stop Loss to break even at entry price of 81.00. Nice drop from where we entered in. Now already in 100 PIPS in profit, roughly 2%, 2:1 reward/risk ratio now. Still aiming for the daily support of 80.00 as the target.
Date: 12/19/2016
Time: 17:00 GMT
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Correction: Move Stop Loss to break even at entry price of 82.00***
Date: 12/19/2016
Time: 17:00 GMT
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Looks like some bullish momentum coming in on the shorter time frame. Manually exit the trade out @81.25 for roughly 1.5% profit.