Time: 07:00 Rate: 1.0330
After reviewing the pair yesterday, the pair activated the entrance point trigger to short under 1.0380 and went to the first target at 1.0250.
Due to the fact that the trade is taken from an extreme point, the indicator CCI 50 will not go down under the level of 100 (blue) which indicates the momentum stop and we are still in an upward volatility, therefore, the stop should be kept in its original place – over the 1.0510.
Continuous potential trade
After arrival at the first target of 1.0250 the stop should be promoted to the entrance point.
Target 2: 1.0150.
Time: 07:00 Rate: 87.15
Daily time frame
This pair also is situated after the continuous upward movement without retracement from 74.50 to 87.70 and arrived to 127.2% Fibonacci of the downward movement, therefore, we expect for a starting retracement in the support direction at 84.60 (red line) after which an option for a full retracement at 38.2% Fibonacci ( The price is currently at 82.670).
4 hour time frame
The pair broke down the uptrend line and checked it from bellow (see graph). The breakdown of 86.70 triggers short, a stop should be placed over the 200% if the retracement 88.70 to allow for the price an additional upward fluctuation after the strong bullish momentum in the daily time frame.
Short in the breakdown of 86.70
Target 84.60 (support area + 23.60 Fibonacci)
An additional target option: 82.670 (38.2% Fibonacci)
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