Long term trend: Down
Medium term trend: Down
Significant Levels: 0.8000 (Significant Round Number), 0.8090 (Horizontal Support), 0.8310 (Horizontal Resistance), Trend Line
This pair is in a clear downtrend. A recent bearish pin bar was formed near the 0.8090 after it was broken. An indication that the bears are still in control. Though this pin bar is not that large, we can still trade this price action. As of writing, this pin bar is still valid. You can place a Sell Stop order below the low of the pin bar and Stop Loss above the high. Take note that a significant round number is near. The 0.8000 price level can be good or bad. Bad that the price might consolidate a bit on that level before making its move either up or down. Good that if the price broke below that level, we could see a sudden down move which would be good for our Sell Order. All in all, we are bearish here and we only want to Sell this currency pair.
Trade well.
Medium term trend: Down
Significant Levels: 0.8000 (Significant Round Number), 0.8090 (Horizontal Support), 0.8310 (Horizontal Resistance), Trend Line
This pair is in a clear downtrend. A recent bearish pin bar was formed near the 0.8090 after it was broken. An indication that the bears are still in control. Though this pin bar is not that large, we can still trade this price action. As of writing, this pin bar is still valid. You can place a Sell Stop order below the low of the pin bar and Stop Loss above the high. Take note that a significant round number is near. The 0.8000 price level can be good or bad. Bad that the price might consolidate a bit on that level before making its move either up or down. Good that if the price broke below that level, we could see a sudden down move which would be good for our Sell Order. All in all, we are bearish here and we only want to Sell this currency pair.
Trade well.