I am Currently going SHORT on this pair and taking 1.38000 as my overall target.
On the Daily Time frame here we have seen a Head & Shoulder Formation with price recently breaking the neckline and finding some Support just past the Monthly Key Level of 1.46000. I was expecting a pullback to have a retest of Resistance before Sellers taking back over and this could be the start of this process around about now.
On the 4 hour Chart price seems to have stalled after coming back up for a retest near the neckline and recently printed a Shooting Star Candle formation showing its first signs of weakness which sits within the 50% Fib Retracement Level.
The -27% Fib Extension does give us confluence with the Weekly Support Level of 1.43000 but if we see a break of this for further lows then I would be using the overall target @ 1.38000 as an area to take profit due to the range of the Head & Shoulder Formation.
On the Daily Time frame here we have seen a Head & Shoulder Formation with price recently breaking the neckline and finding some Support just past the Monthly Key Level of 1.46000. I was expecting a pullback to have a retest of Resistance before Sellers taking back over and this could be the start of this process around about now.
On the 4 hour Chart price seems to have stalled after coming back up for a retest near the neckline and recently printed a Shooting Star Candle formation showing its first signs of weakness which sits within the 50% Fib Retracement Level.
The -27% Fib Extension does give us confluence with the Weekly Support Level of 1.43000 but if we see a break of this for further lows then I would be using the overall target @ 1.38000 as an area to take profit due to the range of the Head & Shoulder Formation.