The pair has made a triple top at an area that has acted as resistance in the past. This is a very bearish signal. We also see that RSI is losing strength (bearish divergence) and the last Daily candle was kind of a doji. All those signals makes me think that the pair is ready for a leg down.
We need to be cautious though as the price is still above both the MA50 and MA200 and the trendline has been respected since mid July. If this trendline breaks that will be another confirmation of the bearish move.
Lets look at the 4H chart :
Both the triple top and the bearish divergence become even more clear in this chart. I am going to play this pair quite aggressive and enter when the black line is broken with a SL just above the highs. If the trendline is broken we might face some support at the area marked with the blue line.
Trade safe!
We need to be cautious though as the price is still above both the MA50 and MA200 and the trendline has been respected since mid July. If this trendline breaks that will be another confirmation of the bearish move.
Lets look at the 4H chart :
Both the triple top and the bearish divergence become even more clear in this chart. I am going to play this pair quite aggressive and enter when the black line is broken with a SL just above the highs. If the trendline is broken we might face some support at the area marked with the blue line.
Trade safe!