30 Nov 2016



The rate is currently testing a former broken 4-month-long channel support as the new resistance. A break higher above 0.7500 would indicate a deeper retracement higher, therefore invalidating my immediate bearish bias on the pair, however, as long as we are trading below this level I am still holding my established short positions and will be looking to scale in if we see a strong rejection lower.


On the 4H chart we can see the rate has formed something of a double top at the 0.7500 level and the main focus should be the 0.7435 level which acts as the neckline for the topping formation and is also an important support because of the small rising gap with which the rate opened the week.

This level will be my trigger for a short position. I will be looking for a H4 close below 0.7435 and position my stops just above the 0.7500 level. In such case my short term target will be the last weeks lows around 0.7320 and 0.7200 further down the road.

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