Here we have a Cypher formation with Leg D in progress. What adds credence to the possibility of the pair cooling to 1.9870 (Leg D = 78.6%) is the bearish price RSI divergence seen at point C.
Bearish invalidation is seen only if prices move above point C.
Check on the daily chart, the pair overbought as per RSI and we also see a failure to take out daily 200-MA
Bearish invalidation is seen only if prices move above point C.
Check on the daily chart, the pair overbought as per RSI and we also see a failure to take out daily 200-MA
