The Daily Bearish Engulfing pattern is still in play and SSI is changing to favour shorts as Retail traders keep cutting Long positions. With Oil hovering around its 61.8% retracement of the corrective recent rally we are still looking for a decent short idea on this pair. A confluence at the 38.2% resistance level comes in at 1.43300. Go short at suggested levels looking for an initial target around the 1.40000 level and a secondary target around the 1.3850 / 1.3750 level. Alternatively go short on a break of 1.4150 for an initial target of 1.4040 with tight stops.
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