Price has tested the yearly high after brexit news that deal might be closed on Dec 30. For now, I see this as impulse wave 3. RSI is turning overbought on the lower timeframes as well so we might potentially see a pullback towards 1.354 - 1.349 for wave 4 before retesting the yearly high. Breaking of the yearly high will ensure Wave 5 which is estimated to end around 1.37 - 1.38 before potential corrective wave ABC to test the yearly high for support again.
As of now, I would suggest shorting with a tight sl aiming for the wave 4 pullback. Key levels to note would be 1.349 as anything below that will invalidate the impulse pattern and form a double top pattern in which we should see 1.31 again.
As of now, I would suggest shorting with a tight sl aiming for the wave 4 pullback. Key levels to note would be 1.349 as anything below that will invalidate the impulse pattern and form a double top pattern in which we should see 1.31 again.
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TP1 has hit at 23.6 (1.354). I might consider closing all of my shorts from 1.361 by EOD if I don't like the price action as there might be possible gaps during the 3 day weekend of Christmas. Will update again.