The trading session for last week candle close below price handle level 1.56 has exposed this pair to further downside slip or selloff as that zone was and is now looking as very strong supply zone having really hold off bullish price action.To get more news about WikiFX, you can visit wikifx official website.
There may also be a false bullish flag pattern playing out as buyers could not push and close the price up past the previous week trading session swing high point and therefore further exposing not only the support line level of 1.55 but also the main lower trend line and now explicitly guiding momentum for bearish market speculators.
The 2 day chart below gives a good price action perspective for market participants interested to swing this trade with their defined limit orders and risk to reward parameters as set or defined as per their trading rules.
Of course, ones discretion and risk management is advised.
Jasper Njuguna is a self-taught discretionary financial markets trader. With cumulative 5 years experience trading the markets and out of which, one and a half years of that as a prop trader, trading large and mid-cap American equities at one of the DAY TRADE THE WORLD offices.
Prior to switching career interest to trading, I have 9 years of experience in senior management roles driving small to large business development and B2B relations in creating and implementing; learning & development solutions, programs, organizational strategies & frameworks, and blended learning approaches for companies and institutions in Africa.