Short term position
Positive Confluence:
- Broad Daily Head and Shoulders pattern
- Bearish MACD divergence
- Confluence of trend lines conjoin at 50EMA
- Intraday downsloping bearish trend line since 19th Jan coinciding with support resistance line at 0.85, 200EMA resistance and R2 pivot point
Entry point - Below daily pivot point and today's low
Target - Key support line, 200EMA, upsloping long term trend line 0.833
R:R 1:1.8
Positive Confluence:
- Broad Daily Head and Shoulders pattern
- Bearish MACD divergence
- Confluence of trend lines conjoin at 50EMA
- Intraday downsloping bearish trend line since 19th Jan coinciding with support resistance line at 0.85, 200EMA resistance and R2 pivot point
Entry point - Below daily pivot point and today's low
Target - Key support line, 200EMA, upsloping long term trend line 0.833
R:R 1:1.8