The price movement formed a new swing high which is lower than the previous one and it can be used for drawing a descending price channel. We should expect that the market will continue downward movement in borders of this price channel. RSI confirms price reversal. We have sell opportunity now.
The low of the bearish candle with an additional filter will be a good level for placing pending orders for sell. If the market drops below 1250.00 level, it will be a confirmation of further downward movement. Stop orders must be placed above 1275.00 level. Profit targets are at the support levels. If the price breaks the trend line of the descending channel without activation of our orders, we’ll have to delete pending orders manually and wait for new trading opportunity. Recommended risk size for this trade is up to 3% from your deposit.
Profit Targets: 1220.00 and 1203.00