Exited my short position at 1.2702, ahead of my final profit target at 1.2670. This level may still be reached since the downward momentum is strong, but the selling pressure may have peaked short term at the end of European trading, and a bounce might be underway that may leave 1.2689 as a bottom for now.

Sidelined for now, and looking for a clear bottom on the hourlies before joining the long side again, which I favor in the medium term unless 1.25 is broken.

This time with good confirmation of a trend reversal on the hourly chart. Stop at 1.2911, target 1.2670. RSI declining trendline holds and caps once again. Now clear divergence and also a clear break of the previous rising RSI trendline which has now acted as resistance. The sharp spike at the end of Asia and beginning of Europe is also a frequent sign for a trend reversal. I expect a move towards support at 1.2660.

I exited my short for a 15 point profit after the initial drop below 1.2850 lacked follow through and a bounce is underway. There is still potential for a larget downmove, but need to see a break below 1.28 first before committing to another short. Sidelined for now since no clear direction is discernible, but favoring the downside since the RSI broke below its rising trend line.

Maybe third time’s a charme? Went short again at 1.2845 as the pair appears to stall at the prior channel boundary after all, and is rolling over now. Divergence on the hourly RSI and the capping RSI trend line is in favor of the trade. Stop set at 1.2905, target 1.2670.

Hourly Chart:

Exited my short early for a 20 point loss on a break of 1.2965. Waiting for the direction to turn before committing to another short. Upside prevails for now.

Unsustainable upward momentum and alignment of major technical resistance indicators at 1.2850. Went short at that level with a tight stop at 1.2905. Target 1.2650. Good entry opportunity with low risk stop, even though the momentum hasn’t turned down yet.

Hourly Chart:

Next key resistance is 1.2850, which is the current level of the previous lower channel TL, hourly resistance on 2/20 and a Fibo projection of the hourly upmove that started in early Asia yesterday. I plan on going short again on a failure at 1.2850.

Hourly Chart:

The momentum turned up again and I exited my short on the break of 1.2771 for a 35 point loss. Sidelined for now until a clearer picture emerges.

The daily trend remains down for now, even though I believe we are close to a major turn. But need to go with the trend whenever possible, and the hourlies are on the downside once again after hitting key resistance at 1.2822 both on the price and RSI level. I expect a retest of 1.2960 at the very least, but more likely a move to 1.2650 or the rising trend line coming in at about 1.2620.

I just went short at 1.2758 with a stop at 1.2865, target is 1.2670.

Support: 1.2762 L-2-23   1.2650 Fibo21    1.2556 L-2-20

Resistance:1.2771 Fibo50   1.2822 Fibo62   1.2990 H-2-23

RSI: Hrly: capped by decl. TL, bearish, Dly: capped by decl. TL, bearish

Hourly Chart:

The pair found interim support at 1.2665, and has bounced towards the 50% Fibo at 1.2771. I expect further upside in early European trading, but the declining RSI TL and 62% Fibo level at 1.2822 should limit the upside in the near term.

Hourly Chart: