The downside break of the channel support line caused me to exit my long at a 56 point loss. Will stay on the sidelines for now, since there is no clear direction at the moment. Hourly RSI is still bullish but rolling over.

Bullish trend continues, and I exited my short trade at 1.3296 and went long at 1.3294. Stop 1.3195, target 1.3530. Daily and hourly RSI now clearly bullish. Only concern is potential for double top at next resistance at 1.3335.

I extended my profit target on the short position to 1.3005, since downside pressure persists and the pair continues to trade below the hourly EMA10 for most of the time. RSI still falling and bearish.

Hourly Chart:

RSI shows clear bearish divergence, and the pair is hitting its upper channel line. Went short at 1.3263, stop 1.3350, target 1.3105.

Hourly Chart:

Went short at 1.2938, after 1.2950 was rejected twice and downside pressure persists. Stop at 1.3055 for now, but will tighten soon. Target conservative at 1.2790.

Exited my short at entry level. Sidelined until new trend emerges. Slightly favoring the long side based one the “round-bottom theory” for now.

Went short after all, since the last bounce on the hourlies had the characteristics of an exponential “going-nowhere” pattern, and it stalled at key resistance of 1.3023. Stop set at 1.3115, but will tighten to entry on a break below hourly TL and next support at 1.2940. If the pair bounces on this level, I will exit immediately at a small profit. In that case, the rounded bottom that is currently forming on the hourlies will likely be completed. Target of my short trade is 1.2755. It’s a good trade with relatively low risk entry, but requires close supervision over the next 3 hours.

Playing it a bit safer by changing my entry sell order to 1.2890, instead of trying to catch a pullback which could easily turn into a run to the upper hourly channel line now at 1.3140.

The pair has stalled ahead of the falling hourly TL, and 1.3083, the 50% Fibo, is now good resistance. The rising RSI TL has broken down, and I expect one more stab to the high side before a sharp downturn towards 1.2750, potentially 1.2670. The hourly and daily trends are down, so the short trade is with the flow. Set a short entry at 1.3015 (just below the 38% Fibo at 1.3024), stop 1.3115, target 1.2755 (conservative).

Support: 1.2823 L-1-21   1.2750 DailyTL   1.2760 FiboProj, Daily TLs

Resistance: 1.3023 Fibo38   1.3083 Fibo50, HRsst   1.3140 declTL, Fibo62

RSI: Dly: bearish, Hrly: broke below rising TL

Hourly Chart:

Took a 67pt profit before calling it a day. TL Resistance at 1.3160 should limit the upside at least for the short term and I expect to see another long entry opportunity at the end of the European session.