Tonight I am still feeling bearish and think that as long as the price stays below the134.00 zone we are set for a sell off. I will sell tonight around 133.60 with a TP 133.05 - 133.15 and SL 134.05 134.15.
The 4 hour chart is looking overextended with the price struggling to stay above 133.50. Next support is around 133.00 where some buying should be present. The hourly charts are also looking exhausted on the upside with pair now unable to hold above 133.80. Trend line and 100 EMA support is around 133.00 - 133.20.
The shorter timeframes look to be in a declining range between 134.00 - 133.00. Trend line resistance is very close now around 133.65 with support just before 133.00. Keeping a trail of about 30 pips wouldn't be a bad idea given the current set up.
P/L RESULTS = +50 pips
ReplyDelete