That means a downtrend and to look for selling opportunities. The use of support and resistance can be of great help in identifying our entry and protective stop level. Traders could sell on a move down through the 110.668 low and place their protective buy stop above the 113.411 high. Target to take profits should be set at twice that risk for a 1:2 risk:reward ratio.
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.