With this pair I see increasing bearish sentiment in the market and a potential descending wedge formation, afterwhich a possible bull run based on market structure. Price attempted to break structure but the bears were standing by ready! This idea would mean price would respect a few key areas in the market (61.8% fib level as noted), as well as trendlines on higher time frames. Trade at your own risk and always use proper risk management. This idea is for educational and demonstration purposes, and is not a signal.
Comment:
Update of wedge prediction. More exact. I'm anal like that..lol We could see one more push to the upside, but the bearish sentiment right now is standing out to me at the present time.
Trade active:
Conservative traders can wait to see if price breaks or bounces from the trendline. We could see another push to the upside as an option.
Trade closed manually:
Taking my profits at this point because of price action. You can Continue or protect your profits.