So this pair is about as volatile as it can get when trading.
I've tried many times to trade this pair when your right it goes great, when your wrong it can escalate very fast! But the speed at which this pair racks up pips is what attracts many to it.
So here are my thoughts:
We are firstly in that overbought area on the RSI, I Use 80 as the top parameter and even that we have gone above!
Looking at structure we have come back up into an area which on the Weekly and Daily has proved difficult to break, long wicks previously and a Dojoi on the Daily is another possible sign of the Bulls loosing Steam.
We have a Bearish Cypher Pattern complete which would mean if this pattern is valid a retrace down to 382 and the 618. 618 would see us at a proven previous area of support.
So lots of reasons to get short imo, only time will tell. Good Luck
I've tried many times to trade this pair when your right it goes great, when your wrong it can escalate very fast! But the speed at which this pair racks up pips is what attracts many to it.
So here are my thoughts:
We are firstly in that overbought area on the RSI, I Use 80 as the top parameter and even that we have gone above!
Looking at structure we have come back up into an area which on the Weekly and Daily has proved difficult to break, long wicks previously and a Dojoi on the Daily is another possible sign of the Bulls loosing Steam.
We have a Bearish Cypher Pattern complete which would mean if this pattern is valid a retrace down to 382 and the 618. 618 would see us at a proven previous area of support.
So lots of reasons to get short imo, only time will tell. Good Luck