If you watch this pair, you may notice it’s gunning for getting below support this morning. It’s still in the area (currently at a low from mid-January), so it hasn’t breached it yet. Is it a good buy to enter a short position if it does?
This is where looking at the big picture comes in handy, and I mean big! Turns out that, looking back to 2003, if it break out to the downside we’re right at another major support level. It lasted for months, and was a major turning point from down to up. If you see a beak out over the next day or two, or whenever, watch out – I personally don’t like wondering if it will have problems going down further … I like every odd and degree of confidence I can get.
