The pair has reached the 1.3465 resistance where it has been rejected, indicating a potential double top developing while the price is holding above both its MAs.
Sell at the current price with a stop loss at 1.3533 above the double top and resistance and target 1.3101 above the faster MA and the next support.
This provides a risk/reward ratio of 97/337.
The pair has been rejected at the 1.3474 resistance and channel’s resistance indicating a potential double top is forming, while the price holds above both its MAs.
Sell at the current level with a stop loss at 1.3521 and a target at 1.3294 with a second target at 1.3194 near the uptrend channel’s support.
This provides a risk/reward ratio of 73/157 for the first target and 73/251 for the second.
Goldenschild Asset Management