Weekly Chart – Price action on this market pair indicates a highly probable bearish retracing soon; closed with a bearish inverted hammer pattern in key level, with the failure to break previous structure high. The market is currently holding a short-term bullish trend with weak trend structure.
Daily Chart – The market has previously broken its bullish channel with a strong price rejection at 1.350. It would be highly probable for the market to retrace fast in the coming week, take profit level would be in the green zone. Conservative entries would be to wait for the market to break current consolidated structure ( blue dotted line).
4 Hour Chart – As you can see the market has broken the short-term bullish trend, this strengthens the odds of our analysis. The conservative would wait for the market to be trading in the green zone with a bearish trend continuation pattern. The ideal RR would be 1 2.5 – 3. If the market would to gap beyond the green zone, it is highly recommended to avoid trending this market pair.
The first take profit level would be the blue dotted line and the second would be the Daily S&R line (Red).