Looking at the 1 Hour and 4 Hour Charts. we can see a strong descending trend.
1.57700 was previously a strong Support, but has since turned into resistant level as a new higher-low has been created. Price tested the previous support and was rejected and therefore following the descending trend.
We have seen the 50 day cross over the 100 day Moving Average which reinforces the probability that the market will remain Bearish.
Our target is 1.57000 which historically has been a strong level of support. This is where we will be setting TP1 (+50 pips).
If price breaks 1.57000 we have a TP 2 set at 1.56760 (+70 pips)
Please remember to LIKE, COMMENT and FOLLOW for more trade ideas!
1.57700 was previously a strong Support, but has since turned into resistant level as a new higher-low has been created. Price tested the previous support and was rejected and therefore following the descending trend.
We have seen the 50 day cross over the 100 day Moving Average which reinforces the probability that the market will remain Bearish.
Our target is 1.57000 which historically has been a strong level of support. This is where we will be setting TP1 (+50 pips).
If price breaks 1.57000 we have a TP 2 set at 1.56760 (+70 pips)
Please remember to LIKE, COMMENT and FOLLOW for more trade ideas!