This is perfect situation where short position has potential to bring some nice profits. 200EMA tend to stop corrections and put pair back on track followed by latest trend. I drew the line along three tops which perfectly stopping pair and pushing it back south. I would set TP just before 0.7000.
It is hard to predict how the pair will act in the next couple of weeks so it is quite possible that I will close position before it will reach the desire level.
I think it is very nice opportunity to risk capital because this kind of price action is not happening very often on daily or weekly chart.
It is hard to predict how the pair will act in the next couple of weeks so it is quite possible that I will close position before it will reach the desire level.
I think it is very nice opportunity to risk capital because this kind of price action is not happening very often on daily or weekly chart.
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