Since last week, there seems to be a lot of attempt for this pair to test the price around the 107.60 area and finally managed break that price to about 107.40 on the 19th of June. A spinning top was seen on the hourly chart at about 3pm (GMT+8) followed by a large upclose candle the next hour.
So I'm expecting some fibo retracement to probably about 50% - 61.8%. As you can see from the chart, the retracement of 61.8% attempted to test the price around 108.00. And it just can't seem to break that price. So after a few attempts, looks like its giving up steam and that's where it's going south.
Criteria for entry:
1) Fibo at about 108.00 showing strong resistance
2) 6SMA crossed 23SMA
3) Parabolic SAR formed on top of price candle
4) A break out of a small wedge.
Entry price: 107.83
Stop Loss : 108.03
Target Profit: 107.23
+60pips
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