Seeing that this pair has been overextended for quite a while now on the daily time-frame, i feel safe to place a short position with my stop loss right above the 124.000 price level with Fib retracement TP levels.
1) 4hr Divergence- Loss of momentum/bulls failed to carry prices above 124.000 for a HH
2) 124.000- strong reference point for bears, take profit levels for bulls.
3) a 4 hour close below the 21 moving average indicates prices have failed to rise
4) Candlestick confirmation after breaking bullish trendline. (possible retest)
1) 4hr Divergence- Loss of momentum/bulls failed to carry prices above 124.000 for a HH
2) 124.000- strong reference point for bears, take profit levels for bulls.
3) a 4 hour close below the 21 moving average indicates prices have failed to rise
4) Candlestick confirmation after breaking bullish trendline. (possible retest)