Short Idea
The marked box is a decision point for this pair. Is this a double top the second time? On the 4hr timeframe, price has slightly edged into the overbought territory according to the strength index which indicates that sellers might take action. This area (1.1176) is also a key resistance zone as we have seen price tested this zone a couple times. There is a high possibility of a correction to the lower side.
On the flip side, there is a very bullish candle on the daily timeframe which could continue into a breakout. The best decision is to wait for clarity but I would place a short position with proper risk mgt as well a tight stop. Trade using your own analysis
On the flip side, there is a very bullish candle on the daily timeframe which could continue into a breakout. The best decision is to wait for clarity but I would place a short position with proper risk mgt as well a tight stop. Trade using your own analysis
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