After the strong move down since last week i think the pair should continue lower to around 0.69 zone. This is why I prefer to look for sell opportunities. There are a few ways we can join this potential trade. One way is to wait for double wave correction up on the H1 chart, hidden bearish divergence on the H4 chart confirmed on the H1 chart or simply follow the triangle formation on the H4 chart and once broken go short.
Technical Analysis:
H4 – bearish convergence, triangle, bearish hidden divergence (unconfirmed yet)
H1 – potential double wave cycle up
Entry:
Scenario 1 – H1 chart double wave correction up and look for a short
Scenario 2 – H4 chart hidden divergence is being formed, once confirmed on the H1 chart with regular bearish divergence we can go for a sell
Scenario 3 – H4 breakout of the triangle
Aiming 0.69, cover last high created in the first 2 scenarios, for the third one cover the resistance zone and the lower band of the triangle.
Yours,
Vlad
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