has corrected from its recent highs as visible in this H4 chart and currently trades around its support
level. The declining resistance
level is enforced by its 50 DMA
and has formed a triangle
formation. We believe this pair will launch a micro-rally into its 50 DMA.MACD
has showed improvement, but remains in bearish
territory. A centerline crossover
should fuel the rally into a breakout
of its formation. RSI
trades in neutral level close to oversold
territory. Watch out for the RSI to reach overbought territory during the rally.
We recommend placing a buy limit order at 1.2900 with a potential second entry level at 1.2825. Should this pair breakdown below the 1.2850 level we recommend placing a stop sell order before committing new long trades to this pair.
Traders who wish to exit this trade at a loss should place their stop loss level at 1.2850. We do not use stop loss levels and will execute this trade as recommended. Place your take profit level at 1.2960.