Bears charging for decisive breakout
Chart setups:
1- Bearish acceleration after putting in a reversal candlestick-shooting start- drawn on April 10.
2- Slant negative divergence formed on MACD.
3- Breakout below SMA20.
4- Strong bearish reversal affirmed by Vortex.
5- Parabolic SAR signals a new trend coverage.
Trading Strategy:
Place a sell stop at 0.8535 with targets at 0.8320 -61.8% Fibonacci- of the wave from 0.8502 to 0.8747 and place stop loss 30 pips above SMA20 at 0.8660.
1- Bearish acceleration after putting in a reversal candlestick-shooting start- drawn on April 10.
2- Slant negative divergence formed on MACD.
3- Breakout below SMA20.
4- Strong bearish reversal affirmed by Vortex.
5- Parabolic SAR signals a new trend coverage.
Trading Strategy:
Place a sell stop at 0.8535 with targets at 0.8320 -61.8% Fibonacci- of the wave from 0.8502 to 0.8747 and place stop loss 30 pips above SMA20 at 0.8660.