This pair traded up to psychological strong hold/ valid daily resistance at 0.9300 and sharply falling back down to form a very well defined bearish pinbar.
The daily candle closed just below the 50 MA, assuring us that the bearish momentum on this pair is still very much in place. The strength of the pinbar together with the significant it formed off is giving me confidence to pull the trigger on a short entry by market open.
The details of the trade are as follows:
Trade action
Sell (on limit order) @ 0.9240
with Sl @ 0.9303 (64 pips)
TP @ 0.9100 (140 pips)
Please manage your risk well on this one. Let’s keep our fingers crossed that our position gets filled in during the week before price starts heading back down.