This pair is already highly oversold but I do suspect it will go up a bit more. So on smaller timeframes I might still look for some long opportunities...
If we don't get a considerable retracement soon and we go straight up from here then I will surely be looking to short this pair at the 50% retracement of the last big move down. Especially since we could see confluence with a possible test of the "down" trendline!
Initial SL above the 61.8 fib level but that could be adjusted very quickly. If we see a good drawback from the trendline and/or 50% fib level then SL can be tightened with the trendline as a guide.
3 possible targets are on the chart, I would be looking to take 50% at TP1, 30 at TP2, 20 at TP3.
If we get a big retracement before we get to the 50% level than I will cancel my sell orders.
If we don't get a considerable retracement soon and we go straight up from here then I will surely be looking to short this pair at the 50% retracement of the last big move down. Especially since we could see confluence with a possible test of the "down" trendline!
Initial SL above the 61.8 fib level but that could be adjusted very quickly. If we see a good drawback from the trendline and/or 50% fib level then SL can be tightened with the trendline as a guide.
3 possible targets are on the chart, I would be looking to take 50% at TP1, 30 at TP2, 20 at TP3.
If we get a big retracement before we get to the 50% level than I will cancel my sell orders.
