Its a nice channel but reason I am not taking the trade is the strong reistence at around 1.2322 and also the 200SMA which has acted as strong resistence in the past. Also we are in a downtrend of course. Good luck though i hope i am wrong for you!
I like this idea, I'm going to be doing the same on it. Also, I like the idea about the downtrend, definitely something to watch for, but I think with the downtrend, depending on how far back you go, it looks like there's some steam left to the upstroke on the trend. You have to back and draw the line from last year about this time, but something to think about.
I am personally long this pair at market 1.2285 with a stop at 1.2239 and targeting 1.2405 with an extension into 1.2450 in view. will be short around 1.2460 if it could make it there.
Looking forward to a great start to the week and wishing you best of the week!!
Not a great lover of this trade. If you check out the daily price, the pair have been in decline since February and look as if it's dropping of the top of the descending channel. I'm going short with a target of 1.1950