Recap: Bears are beginning to fight back after last week’s 250 pip rally. Bullish rallies are being capped by a falling resistance line (top blue line), which is giving us lower highs and lower lows – a classic downtrend on the shorter-term charts.
We are bearish at these levels and see 1.30 and 1.2950 as the next major support levels.
Today’s Important News Events:
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Trading Idea: Though we are bearish there are no support lines to trade off of, but we will take an aggressive long if price reverses and breaks falling resistance. TP at 80 pips, SL at 50 pips.
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