I. Downward trend - The Support and Resistance Indicator didn't show price breaking the resistance or support planes, but also didn't show a sign of a reversal.
2. Using both Double EMA and Moving Average indicators I saw price closing out below both indicators with short wicks. This furthered the proof of a downward trend.
3. The current candle setup does show an Engulfing Candle, in the 4 hour frame, but when I referenced smaller frames it seemed more in favor of a sell position.
I think you are set up here is for a sell trade.
SELL STOP: 1.09740
Stop Loss: 1.09749
Take Profit: 1.09719
2. Using both Double EMA and Moving Average indicators I saw price closing out below both indicators with short wicks. This furthered the proof of a downward trend.
3. The current candle setup does show an Engulfing Candle, in the 4 hour frame, but when I referenced smaller frames it seemed more in favor of a sell position.
I think you are set up here is for a sell trade.
SELL STOP: 1.09740
Stop Loss: 1.09749
Take Profit: 1.09719