We can see the following: - A break of an ascending 4H trendline, a retest and failure to make a higher high. - A new descending trendline has formed showing lower highs and lower lows. - The monthly chart RSI is showing that the pair is overbought.
Once the markets open, I would like to see the following before entering a short position: - An impulse to the downside. - The pair trading below the 50 and 200 EMA on the 4H chart.
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