This price area is a very significant price area where it had been holding as support or resistance if you were to look back on the weekly chart.
Currently this pair is in a rising wedge. On this 4HR chart, we have reached the daily descending channel's resistance trend line.
Also on this 4HR time frame, price had been rejected multiple times off this price level and off the daily trend line.
From the 1HR to this 4HR time frame, indicators are also showing bearish divergences. The probabilities of this being the top may be very likely.
There may also be a H&S forming on the daily chart, with this wedge being the right shoulder.
I'll be watching for the next 4HR candle close and try to find one last confirmation or if price break down the wedge to enter.
Should price break & close to the upside of the daily trend line, this idea will no longer be valid.
74.550 will be first target
74.200 - 74.000 price range will be my second target area
Currently this pair is in a rising wedge. On this 4HR chart, we have reached the daily descending channel's resistance trend line.
Also on this 4HR time frame, price had been rejected multiple times off this price level and off the daily trend line.
From the 1HR to this 4HR time frame, indicators are also showing bearish divergences. The probabilities of this being the top may be very likely.
There may also be a H&S forming on the daily chart, with this wedge being the right shoulder.
I'll be watching for the next 4HR candle close and try to find one last confirmation or if price break down the wedge to enter.
Should price break & close to the upside of the daily trend line, this idea will no longer be valid.
74.550 will be first target
74.200 - 74.000 price range will be my second target area