As show before once we get a break of the pullback high line we get a burst to the upside so once we break this line I am expecting a clean long position.
This a quick and slightly risky position in the 4h downward channel. Price is being squeezed towards the upside by both daily channels and the short term 4h one. This is a risky position so I want my exposure to be as small as possible.
I expect price to continue down on this broad channel and to test the major support level we have on the daily. I am going for a tight stop loss because if the channel is not followed I don't expect any reason for the support to be tested.
You can see a clear rejection off a strong resistance line, plus the break out of the short term descending channel (we are still in the overall one). I will be watching rejections on the Fibonacci to form a new ascending channel to test the top of the overall descending channel.
I would be careful with this pair in terms of any breakouts of channels to the upside, you can see only recently having a fake breakout and collapsing in price, even though we are approaching a key resistance level I would be still very bias to short side.
