In spite of the breakout above the strong resistance, the market looks overbought. I don't want to buy following the upward movement. I would like to think about selling.
The 4H gives us a trend reversal signal based on a bearish divergence. RSI confirms the reversal, and we get this signal from the overbought zone. MACD lines and histogram support the further downward movement.
If the price breaks 109.715 support, it will be possible to open sell trades with stop orders above the local swing high. Profit targets should be at SMAs and support zones.
Disclaimer!
This post does not provide financial advice. It is for educational purposes only! You can use the information from the post to make your own trading plan for the market. But you must do your own research and use it as the priority. Trading is risky, and it is not suitable for everyone. Only you can be responsible for your trading.
The 4H gives us a trend reversal signal based on a bearish divergence. RSI confirms the reversal, and we get this signal from the overbought zone. MACD lines and histogram support the further downward movement.
If the price breaks 109.715 support, it will be possible to open sell trades with stop orders above the local swing high. Profit targets should be at SMAs and support zones.
Disclaimer!
This post does not provide financial advice. It is for educational purposes only! You can use the information from the post to make your own trading plan for the market. But you must do your own research and use it as the priority. Trading is risky, and it is not suitable for everyone. Only you can be responsible for your trading.
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💎 Share My BEST Trades here 👉 bit.ly/wubits