A Move Back to 105 Then Massive SELL Off ??After finally breaking out of the 2022 high this pair has been on the march towards 105 which is the beginning of a key Monthly SELL/SUPPLY area with the ATH just below 108.
Looking at the Daily chart below price has been slowing grinding up since the two bouts of intervention 2 weeks ago with both the RSI & Stochastic approaching extremely over bought levels as it moves higher.
What we are likely to see occur next is a move back up towards 105 and maybe a little higher above it into the Monthly SELL/SUPPLY zone this could actually be a fast up into the zone followed by sharp selling.
The plan of attack for this setup is to wait for price to break above 104 and then as its approaching 105 start looking for 4hr SELL signals using my TRFX indicator.
Targets of this trade will be the 99 support level which was previous Monthly resistance though a deeper correction down to the newly formed Monthly BUY/DEMAND zone @96 as this would be a nice area for long term buyers to regroup again.
Let me know your thoughts in the comments below
