We are pretty much sure that we are in down trend looking at daily chart. No marks for guessing...
However, it gets interesting when we look at 8hr chart. As you can see from screen below, the price has just bounced off upper trendline which is down trend channel. It might go till 2655 (T2)
Even 4hr chart says the same thing.
I would look to short on retracements with target 2700 on 8hr chart. To start with, I will look for 2960 (38%) retracement to open short position with SL at recent high 1.3080. This offers me R/R ration of 1:2
However, it gets interesting when we look at 8hr chart. As you can see from screen below, the price has just bounced off upper trendline which is down trend channel. It might go till 2655 (T2)
Even 4hr chart says the same thing.
I would look to short on retracements with target 2700 on 8hr chart. To start with, I will look for 2960 (38%) retracement to open short position with SL at recent high 1.3080. This offers me R/R ration of 1:2
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