Daily Outlook: We closed out a lot out our third target yesterday (1.4225) for ~75 pips but the rest of our position was 50 pips behind on a tightened SL so we got tripped for +25 on the rest of the position when the price started to reverse. Today we are, surprise surprise, watching a new S/R trend line as the pair continues to sink beneath it:
We are flat currently but the pair has been plummeting under the latest falling resistance line as we write this post. There is not a great bearish entry at the moment (our preferred direction) and since it is Friday we will not be looking to establish a new position. Making the markets even more volatile today is the US nonfarm payroll data that is coming out later today.
Trading Idea: Given that it is Friday and there is significant event risk in payroll and unemployment data we are not trading today, but in general are bearish as the predominant trend has been bearish for weeks now. Have a great weekend @everyone.