Breakout trade with a clean bearish rejection pin bar off recent descending triangle as well as previous stiff support now ready to assume the role of a majestic resistance.
Rates ended the week below the 61.8 fib% retracement of 1.2620 bullish trend and should be headed to the 100% in due time. However, I’m playing this with a recognizable bearish channel as the charts show. The 1.2810 target confluences with the weekly symmetrical triangle support line which in my view deserves to be respected. I hope to establish bigger short deals after the expected rally off 1.28
In the case at hand, notice that Daily stochastic is down and should be looking for support of any kind. 1.28 provides such support.
SUMMARY:
Short Eurusd 1.2931 (1.2950 if it ever gets there again, for those who have not shorted)
Suggested stop: 1.2981
Suggested Target: 1.2810
status: -50 pips vs 121 pips
Grade: A+
Good luck if you are short with me.
