Looking at the 4-hour EUR/USD chart, we see a downtrend line
forming. The line intersects the 23.6 level of the daily Fibonacci, and we see
the 100 SMA slowly crawling down as well to that line. This area looks like it
could hold up as a resistance level.
Looking at the 1 hour chart, we see spot pushed up but the
trend line seems to hold as a resistance and spot has come off since then.
I will wait though for the 10 EMA (blue line) to cross over
the 20 EMA (red line) before I enter a short trade just in case it’s a fake-out.
Keeping a watch on the Euro today and will update when I
enter into the trade.
Cable trade from
yesterday
My order of 1.6080 got triggered last night and I wasn’t
able to place my stoploss order last night which actually ended up benefiting
me because price came up this morning.
Today though, I’ve placed a stoploss order at 1.6030, and
will move this up when spot hits 1.6130.
Here’s the cable trade link: cable long position
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