Price Makes False Break

Price attempted a breakout higher in this pair last week that turned into a fakeout with a daily bearish 2 bar reversal.

Price was looking to breakout higher and through what has been a tight ranging period.

Now price has moved back lower into the range, more sideways price action could play out.

In the short-term the intraday price flip level we discussed last week looks important. If it holds as a new resistance it could contain prices lower.