I previoulsy made a post on this pair, where we were looking for the prices to come to the upper trendline to take a short position. Well now the price is at this trendline and i believe it has made a false breakout. I believe institutions and hedgefunds are hunting stop losses to fill their big short positions, hence we have seen a bullish move in price in the last couple of days.
We are therefore looking for the price to come back down and retest the upper trendline together with the 0.618 fibonacci level. If this happens we can take a short position
We are therefore looking for the price to come back down and retest the upper trendline together with the 0.618 fibonacci level. If this happens we can take a short position