Ive updated my stoploss to the high of Sun/Mon to 1.9985 locking in a measly 33 pips but its become a free trade now and will look to close this if price begins to show support holding from the 4 hour and 1 hour views. A 61.8% (1.9914) retracement to todays movement has already occured,actually the 61.8 of that was penetrated but the level still holds at the present time.
The 4 hour is still showing weakness in the pair and judging by the stoch we are do another retracement move, this is where we will see if Resistance is strong enough to contain price and keep the downward pressure on.
The 1 hour at the present time is showing we are attempting another wave down, once price rally's from here we should be able to see it as well on the 4 hour. Like I said before the 61.8% of todays move has contained the rally on the first attempt and a break there is a signal for a possible reversal now or a good retracement into this down move which is becoming overdue now. Not that price can reverse back into an up trend but possibly give better entry's for another short. The key is which shows more strength at that point ...Support or Resistance levels. If resistance levels continue to hold we will keep decending, once Support levels begin to hold we are at the point of finding a bottom and ranging or reversal can occur then.
A daily close below 1.9870 is a good sign a Daily close above 1.9914 is a bad sign for the short position.
The 4 hour is still showing weakness in the pair and judging by the stoch we are do another retracement move, this is where we will see if Resistance is strong enough to contain price and keep the downward pressure on.
The 1 hour at the present time is showing we are attempting another wave down, once price rally's from here we should be able to see it as well on the 4 hour. Like I said before the 61.8% of todays move has contained the rally on the first attempt and a break there is a signal for a possible reversal now or a good retracement into this down move which is becoming overdue now. Not that price can reverse back into an up trend but possibly give better entry's for another short. The key is which shows more strength at that point ...Support or Resistance levels. If resistance levels continue to hold we will keep decending, once Support levels begin to hold we are at the point of finding a bottom and ranging or reversal can occur then.
A daily close below 1.9870 is a good sign a Daily close above 1.9914 is a bad sign for the short position.
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