A shorting opportunity may present itself with the potential formation of a gartley pattern.
Reasons for:
- We have a general downtrend on the daily timeframe with consistent lower highs and lows - trend continuation.
- We've broken through a key area of support around 104.08 and came back up to it recently to test forming resistance.
- If price moves further up I believe there will be a chance that it will test the downward sloping trend line and reject on or around this area.
- If price moves into overbought conditions with evident price action we can assume this is a high probability trade.
Reasons for:
- We have a general downtrend on the daily timeframe with consistent lower highs and lows - trend continuation.
- We've broken through a key area of support around 104.08 and came back up to it recently to test forming resistance.
- If price moves further up I believe there will be a chance that it will test the downward sloping trend line and reject on or around this area.
- If price moves into overbought conditions with evident price action we can assume this is a high probability trade.