The pair has witnessed a big move down since December and now showing a corrective pull back forming an ascending channel.
The classic result of an ascending channel is a break towards the downside falling back in trend.
To make this more conclusive, another parallel line is drawn right in the middle of the channel. This shows us the amount of time the price has spent either in the upper half or lower half of the channel and here, it is clear that much of price action has taken place in the lower half of the channel thus making a break towards the downside very evident.
A good way to take entry with trend is a short after the break of the channel or an entry at the retest of the lower trend line of the channel with stops at half way through the lower half of the channel.
Once the channel breaks, the next big support can be observed at around 174.660
The classic result of an ascending channel is a break towards the downside falling back in trend.
To make this more conclusive, another parallel line is drawn right in the middle of the channel. This shows us the amount of time the price has spent either in the upper half or lower half of the channel and here, it is clear that much of price action has taken place in the lower half of the channel thus making a break towards the downside very evident.
A good way to take entry with trend is a short after the break of the channel or an entry at the retest of the lower trend line of the channel with stops at half way through the lower half of the channel.
Once the channel breaks, the next big support can be observed at around 174.660