Price broke 50EMA on Daily TF and corrected higher. Weekly close respects DailyTF 50MA.
200MA now is way below at 1.52, that makes unlikely for price to revert upward like it happend 09Jan2018, when it broke 50EMA, but stopped at 200EMA.
Price also broke last higher low of uptrend at 1.5757. Suggesting short here with TP at area of 1) 50FIBO of 27sep17-19mar18 uptrend low-high and 2)200EMA. SL above 0.38 FIBOof last move from the top and trendline, also at 4H TF 50 and 200EMA resistance area.
Short position with risk to reward ratio 1:3
200MA now is way below at 1.52, that makes unlikely for price to revert upward like it happend 09Jan2018, when it broke 50EMA, but stopped at 200EMA.
Price also broke last higher low of uptrend at 1.5757. Suggesting short here with TP at area of 1) 50FIBO of 27sep17-19mar18 uptrend low-high and 2)200EMA. SL above 0.38 FIBOof last move from the top and trendline, also at 4H TF 50 and 200EMA resistance area.
Short position with risk to reward ratio 1:3