On this chart I see a strong move to the downside, so I drew a fib retracement line to see where the pair may possibly go. As you can see the 50 SMA, Pivot point, and 38% fib line are all lining up perfectly indicating a very strong resistance point. I will enter short here at 116.00 and go for 10 pips. For you aggressive traders you can target the previous low of 115.76 for a bigger profit potential. My stop will be above the R1 line at 116.27.
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