I have mentioned that " If the price to break below the rising channel, we can enter a short for the pair. A confirmation of direction with the MACD or even other indicators will be great."
The price broke the rising channel at the close of yesterday's trading. The MACD is also indicating a Sell signal. I am recommending a 3x0.1 pending sell order to be placed at 1.3070. Take-profit and Stop-loss will be advised later. Tentative stop-loss could be placed at 1.3270.
There is a possibility that this retrace could be a huge one taking out the entire rally from 07-06-2010 at 1.1875. As I posted yesterday, I am still thinking of using 1.2740 as an initial traget.
Let's see how the price move from here.
Happy trading....
