I posted the trade idea last week and I commented that the pair may re-test the 1.4380 support-turned-resistance level. The bulls tried, but failed and I entered a sell on Thursday with the bearish engulfing candle with London open that paid 155 pips. Traders can see that the week ended with the pair testing the Daily trendine as per the daily chart attached at the 1.4170 support area and this was also due to positive CAD news on Friday. While the pair remain below 1.4380 look to sell and a break above this on the Daily chart will negate my bearishness for now as it will then possibly go up to test the upper trendline of the wedge. Just remember to watch CAD (OIL) movement when trading this pair. Interesting to see that the market has never attempted to take out the huge shooting star that was formed with the US election. H4 is in oversold territory so a pull-back and re-test of the back of the trendline on the H4 may happen.


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