Price has formed a Major Rising Wedge (bearish reversal pattern) on the 4hr tf.
Price is also at a Major resistance zone with Bearish divergence on the RSI.
I expect price to do some sort of a stop hunt taking out the previous high before falling.
Here is the play I will be taking:
(SELL STOP ORDER)
Entry - 1.07546
Stop Loss - 1.08118 - 57.2 pips
Take Profit - 1.03486 - 406 pips
*** This is a SWING trade! ***
Price is also at a Major resistance zone with Bearish divergence on the RSI.
I expect price to do some sort of a stop hunt taking out the previous high before falling.
Here is the play I will be taking:
(SELL STOP ORDER)
Entry - 1.07546
Stop Loss - 1.08118 - 57.2 pips
Take Profit - 1.03486 - 406 pips
*** This is a SWING trade! ***