The pair is trading @ 1.4273; yesterday it went down to 1.4170 and than up to 1.4297; after the high the pair went down for a correction and now is ready to go to test 1.4300 again; the open interest was down yesterday. In the 4H chart I see the RSI @ 60; the stochastic is moving up; the pair is trading over the EMA and in the upper bollinger band, by the way yesterday the pair have been unable to cross the middle bollinger band vs the downside; the pair is quite strong and is bullish, but the problem will be 1.4300: in three occasions in the last week the pair was rejected down after approaching 1.4300. For sure an open interest down means that for every bear closing is position taking losses there is a bull that close also is position taking profit.
here are some support and resistance:
R3 1.4501; R2 1.4374; R1 1.4323; S1 1.4196; S2 1.4120; S3 1.3993.
My trading plan:
if a new bull will happened this mean that the pair will test successfully 1.4300 and 1.4337;
I will sell right now @ 1.4286;
stop loss @ 1.4340 (or when I think a new high is made and confirmed)
take profit @ 1.4150 or lower.
My idea is that there is no more space for a bullish action, and if 1.4300 will be failed again the pair may retrace more than last few times, probably will approach 1.4000;
have a good trading day
:D
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