Scenario 1:
This pair over the past 2-3 weeks has flew up over 500+ PIPS I believe the pair is now over bought and it currently needs a pull back of roughly 200-300 pips. Price has rejected my major Daily Channel Trendline looking back a price action when this pair hit the Trendline it fell over 300-400 pips so I believe the same scenario will happen again, before this i can see a short pull back to create a double top at the zone 1.33.
Scenario 2:
As this pair has rejected my 4H Trendline this could just be a completed Higher Low on the 4H timeframe and price could rocket to 1.3400 - 13450 to confirm this I would need to see a clear break above the zone 1.3250/1.3300 on a higher timeframe such as the 4H,8H or Daily timeframes but I believe price could have a clear rejection of 1.33/132.50 and continue to drop further.
This pair over the past 2-3 weeks has flew up over 500+ PIPS I believe the pair is now over bought and it currently needs a pull back of roughly 200-300 pips. Price has rejected my major Daily Channel Trendline looking back a price action when this pair hit the Trendline it fell over 300-400 pips so I believe the same scenario will happen again, before this i can see a short pull back to create a double top at the zone 1.33.
Scenario 2:
As this pair has rejected my 4H Trendline this could just be a completed Higher Low on the 4H timeframe and price could rocket to 1.3400 - 13450 to confirm this I would need to see a clear break above the zone 1.3250/1.3300 on a higher timeframe such as the 4H,8H or Daily timeframes but I believe price could have a clear rejection of 1.33/132.50 and continue to drop further.