The chart shows my working count for the rise started from 1.2546. I think it is corrective in nature and finished with a bearish triangle. If this is the case, one should expect a correction of minimum 61.8 % retracement i.e. 1.2885. With an eye on this idea I entered short position on the break of the said triangle. A key resistance is 1.3465 with is 61.8 % retracement of today€™s sell-off.
Trading strategy: 11:45 EST; 15:45 GMT
Short position from 1.3417, stop loss - 1.3540, target - 1.2900
Trading strategy: 06:04 EST; 10:04 GMT
Sell on break of 1.3418 (sell stop order at 1.3417), stop loss - 1.3540, target - 1.2900
This analysis has only informational and educational purpose and does not represent a proposal for buying or selling currency contracts.