This is a longer term swing trade setup. I've noticed over the last few weeks of dollar selling that there's been some exhaustion and divergence on moves up towards that 1.6000 resistance and psychological level. We can clearly see the divergence on both CCI and MACD. I would aim for the 1.5500 level as target on this short with a tight stop of around 70 pips, since any break above the 1.6000 level would just invalidate our trade. Making for about a 6:1 risk/reward ratio from the current price.
