Price action is still in a downward sloping channel.
Current price hit resistance - creating a double top 1.5432 levels.
A break below the organ threaded line may suggest further selling to complete Wave 5
Fundamentals:
- Better NFP data that will trigger more selling in Cables
- Need Impulsive selling for wave 5
- A few targets should this kick off - 1.50784 / 1.5046 (61.8 Fib) / 1.48645 (76.8 Fib)
Technicals:
- Failed to close above 20 dma 1.5490 despite USD weakness
- RSI has rooms to fall further
Conservative trader can take a short on the break below 100 dma which was previously support. Stop can be placed at 50 dma
Invalidated IF:
- Break above downward channel
- If Dollar fail to rally
Current price hit resistance - creating a double top 1.5432 levels.
A break below the organ threaded line may suggest further selling to complete Wave 5
Fundamentals:
- Better NFP data that will trigger more selling in Cables
- Need Impulsive selling for wave 5
- A few targets should this kick off - 1.50784 / 1.5046 (61.8 Fib) / 1.48645 (76.8 Fib)
Technicals:
- Failed to close above 20 dma 1.5490 despite USD weakness
- RSI has rooms to fall further
Conservative trader can take a short on the break below 100 dma which was previously support. Stop can be placed at 50 dma
Invalidated IF:
- Break above downward channel
- If Dollar fail to rally