Looking at the daily chart for today, I'd be looking to short this pair.
Reason:
1) AC is red
2) Stoch is red
3) Parabolic SAR still on top
3) Below 200EMA
(see daily chart below)
Now let's go into the Hourly chart to pin point an entry.
I drew a Fibo retracement from the high on 27th June to the low which is on 30th June. The pair somehow went back up to the fibo level of 61.8% which is quite a common scenerio for this pair. And about 10am(Singapore time) this morning, we can see a bearish engulfing closing at that hour. So now I'm just waiting for the 6SMA and 23SMA to cross which it did at about 3pm.
Criteria for entry:
1) Fibo at 61.8%
2) 6SMA crossed the 23SMA
3) Parabolic SAR on top
4) Daily chart indicates a short for today.
Entry Price: 106.75
Stop Loss : 106.95
Target : 106.25 (In between Daily S1 pivot and Weekly S1 pivot)
+50pips
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