There was a Pin bar on the chart, created this morning at the opening hours on news of a truce in trade war between the U.S. and China. A Pin bar is a reversal signal; it means the high is created at 123.35 and a reversal would result. Price has been moving lower but is currently supported by the 20EMA. A break of this support will likely lead price lower to 121.50 or even 120.90. MACD has given 3 bearish divergence warnings as price moved higher on each occasions. This is another confirmation of a possible price high and a price reversal. Sell if price breaks below the 20EMA support at 122.50. Stop above 122.95 and target at 121.50.

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.