As I said in my previous analysis, this pair has more upside potential. However, I am not looking to resume the overall picture but for short-term targets instead ( for the time being ). I can see this downside move is pretty aggressive ( judging from the daily ) but I can also see the price having some problems with the current zone which is actually right around the first broken area from the weekly (new support). I am waiting a small discount so I can buy it at a better price. I will use the main spot where the price held instead (H4) of this spike so I will place my SL below there - very tight. Initial target - 79.70. Possible buy now - without a discount ( risk to reward - 1:1 ). Your choice :)
Good luck :)
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Weekly outlook:
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This one managed to close as an exhaustion candle on the weekly chart but not above his S/R (as a green candle). Anyways, I like how the price keeps turning back from this zone and everytime it goes down it get's pushed up aggressively and holds around the H4 purple line where the recent resistance is (sellers are supposed to take over but they don't). Furthermore, we've got a potential higher low (but not yet). Taking into consideration that we're right at this weekly support line this gives me a sign that this might be going up. The only scary thing is the previous candle.
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In slow progress towards the target. Stops moved at breakeven. Risk free.
@SIUSHINGTO, I don't think this trade will work that quickly. Judging from the weekly candles it might take some time to reach the target zone ( if ). You can buy it at any discount ( so you can put smaller stop loss that you feel comfortable with ), not exactly where I've pointed.