The pair is currently rebounding from the bottom of the Kumo cloud and the baseline trend line. I wont trade it to the upper side as i believe it would be for very short term only, given the current RSI- Price divergence.
Anyway, I expect the price to rebound touching the upper limit of the cloud before finally breaking downward out of the trendline and out of the Kumo cloud.
Anyway, I expect the price to rebound touching the upper limit of the cloud before finally breaking downward out of the trendline and out of the Kumo cloud.
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Daily chart showing double top formation, which is a good reversal pattern so I wont go long for this pair. In stead I would wait for the downward breakout to short it.
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We could see a head and shoulder formation on the 4H chart, which would give us a great entry opportunity and technically strength the short idea.
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