Good afternoon traders, I am currently looking at this currency pair forecasting a sell. We have had a descending triangle (showing loss of momentum to the upside.
Why am I looking to enter?
1. Price broke the weekly support already some time ago turning into a resistance.
2. I expect it to make a pullback towards the "area of interest" 17.20-17.31 before making another run down.
3. The area of "interest is the only most recent place where this currency stalled in.
4. Our area of resistance is the most logical point to enter the trade.
Be patient and always carry out your own analysis and make sure to use proper risk management.
Why am I looking to enter?
1. Price broke the weekly support already some time ago turning into a resistance.
2. I expect it to make a pullback towards the "area of interest" 17.20-17.31 before making another run down.
3. The area of "interest is the only most recent place where this currency stalled in.
4. Our area of resistance is the most logical point to enter the trade.
Be patient and always carry out your own analysis and make sure to use proper risk management.