The recent slowdown in upside momentum might be normal at this confluence of 114.50 horizontal resistance and the long term falling . However, the level could be pivotal to the direction of the pair in the coming period.
The price could be forming a amid falling momentum on .
While all of the above technical reasons does not guarantee a reversal, it should be considered for a short position.
- Aggressive traders can go short with a stop above that , for good downside potential. With First quick target at 113.10, and a second target around 111.75.
- In the case that the price breaks and close a daily candle above 114.50, that would be another scenario and also can be traded to the upside. Targeting 115.50, then 118.00.
Trade with care