Open trading account 
Hello fellow traders,
The rising trend line is giving good support to the pair in question as shown in daily chart. The pair may shoot up from here to the confluence of resistance near 1.07500 levels marked with ellipse. The scenario of rising is possible as the oil prices rising and there may be fresh sells waiting near the confluence of resistance at 1.07500 that may take the pair to new lows as shown by grey line projected downward. One may buy the pair at current price with stop loss below 1.04000 and target of 1.07500. A 40 pip stop and 300 pip profit makes a good RR ratio.
The other good idea is to wait for the price to reach 1.07500 levels and look for decent price action favouring the sell. A decent price action means a bearish engulfing or a bearish pin bar setup at the confluence will make a good sell trade setup.
Any comment about this setup is welcome.
Happy trading to all.
The rising trend line is giving good support to the pair in question as shown in daily chart. The pair may shoot up from here to the confluence of resistance near 1.07500 levels marked with ellipse. The scenario of rising is possible as the oil prices rising and there may be fresh sells waiting near the confluence of resistance at 1.07500 that may take the pair to new lows as shown by grey line projected downward. One may buy the pair at current price with stop loss below 1.04000 and target of 1.07500. A 40 pip stop and 300 pip profit makes a good RR ratio.
The other good idea is to wait for the price to reach 1.07500 levels and look for decent price action favouring the sell. A decent price action means a bearish engulfing or a bearish pin bar setup at the confluence will make a good sell trade setup.
Any comment about this setup is welcome.Happy trading to all.
