10,000 Ft View – 4 Hr Chart
The chart is marked up already because I’m already short this pair:
Lets zoom in for a closer look at the trade set-up.
An even closer look of the set-up.
What I like about the set-up is price based, meaning buyers and sellers were going to battle, until the sellers won as indicated by strong move away from the level and also took out previous demand to the left (purple circle). What I also like is the move back to the area was strong as well to fill the remaining unfilled sell orders.
This post is my personal opinion. I’m not a financial advisor, this isn’t financial advise. Do your own research before making investment decisions.