The pair has recently crossed below both the 50 day & 7 day Simple moving average (SMA). this double cross-over may point to strong sell opportunities off of the failure to break back up above our diagonal support line, which had formed a strong support zone for the last month.
our 1st entry position can arise with failure to break back above our trend and instead provide signs of rejection for us to enter into a sell position.
the second entry position could arise once the market crosses below our 1.27800 level, closing below this level on a higher time frame chart can provide us with added confidence in the continuation of a market drop-off.
Fundamentally we have the national activity report from the FED as well as a FED Bostic speech later this evening. the latter FED speech possibly Bringing the most influence.
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