Date: 7 December, 2016
D1 Graph: Long Term Short Trend
The price made a correction up to Fib 61.8% from the previous move lower. At this zone there is horizontal resistance at 1.2800 and the price stopped its move higher. Also there is a diagonal resistance and 50 ЕМА is below 200 EMA.
Price Action: Pin Bar at levels of horizontal and diagonal resistance – Possible signal for short.
DEM (14) – In overbought zone and turned down for short
Alternative scenario: If the price moves up and above the diagonal and horizontal resistance, this will cancel the bearish view.
Price for Entry short around: 1.2670
Jr. Trader – S. Fuchedzhiev