Will be looking at short positions for this pair for the following reasons.
It is approaching a point of Major resistance on the downward trend looking back 6 months.
It is far above the Hull 250 EMA that it has to retrace (to get back to equilibrium) most likely to the previous major support level before retesting the resistance level again.
This is a long-term short swing for me looking forward at least 4-6 months.
Looking to catch a short trade of the rejection from the resistance zone.
I would need to zoom in to get a better entry point, once price rejects from the resistance zone .
Of course this is purely a technical approach.
**This is just my trading thought process and does not constitute as financial advice.
**Please trade with proper risk management
It is approaching a point of Major resistance on the downward trend looking back 6 months.
It is far above the Hull 250 EMA that it has to retrace (to get back to equilibrium) most likely to the previous major support level before retesting the resistance level again.
This is a long-term short swing for me looking forward at least 4-6 months.
Looking to catch a short trade of the rejection from the resistance zone.
I would need to zoom in to get a better entry point, once price rejects from the resistance zone .
Of course this is purely a technical approach.
**This is just my trading thought process and does not constitute as financial advice.
**Please trade with proper risk management