Last night was a bit of a surprise as I thought that 130.00 would provide a larger bounce. I guess falling a sleep early sometimes is good for trading as I didn't manage to stay up to buy around 129.95. If anyone did, I hope a 20-25 pip trailing stop was used as advised. If so than no loss/no gains. Sundays trade netted a nice 90 pips so there's no need to be get aggresive.
It still seems that there significant bearish pressure on the pair tonight and a test of 129.00 looks likely. The question is where to place the sell. 129.75-130.25 looks prime. In my opinion 129.80-130.00 is a good are to look in with TP around 129.15 and SL 130.30.
The pair is still below the 100 EMA on the 1 hour - daily charts and is still looking heavy. There is a series of trend lines that should also provide resistance between 129.75-130.30. RSI is also facing up on the 4 hour so the price should go up a bit before it can fall some more.
On the smaller time frames it seems as though there is a mini correction in the works which should see resistance tested in the 129.75 area. Trend lines come in around 129.00, 129.30, 129.70, 130.30. EMA is nearby on the 5 min and 15 min and should provide some volatilty. a break of 130.30 could bring 131.00 into play. it looks like things might get choppy so placing a trail of 40-50 pips is wise.
TRAIL STOP TRIGGERED = + 5 pips.
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