Reasons to look at potentially going short;
- Third touch of descending trendline
- 61.8 fib retracement
- Back testing Short term support now possible resistance
- Heading towards dynamic resistance (200MA)
Things to consider before;
- A lot of buying pressure over the last few days (2 of 3 Strong Bullish Candle closures)
- DXY looking bullish, Could see some more dollar strength before anything
- Scale down to lower timeframes and look for a break of the ascending trendline before taking shorts
Longterm if we get the signal to go short and it all plays out then 124.200 could be a good target.
- Third touch of descending trendline
- 61.8 fib retracement
- Back testing Short term support now possible resistance
- Heading towards dynamic resistance (200MA)
Things to consider before;
- A lot of buying pressure over the last few days (2 of 3 Strong Bullish Candle closures)
- DXY looking bullish, Could see some more dollar strength before anything
- Scale down to lower timeframes and look for a break of the ascending trendline before taking shorts
Longterm if we get the signal to go short and it all plays out then 124.200 could be a good target.
