Gearing Up to Sell: Eyeing the 93 Target!Are you primed to SELL this pair as it makes its final ascent above 95, anticipating a brisk drop to 93?
The logic behind this setup is pretty simple. Take a look at the weekly charts. You'll see a pattern where every time price has busted through 95, it's been hit with a sharp sell-off. This tells us that 95 is a tough wall to break for the big traders also it's worth noting that such resistance levels on weekly and monthly charts pack more punch than those on an hourly chart.
Taking a closer look at the 4hr uptrend, it's hard to miss the tapering momentum as the price grinds upwards towards 95. This is a dead giveaway that the buying speed is hitting the brakes as we're hitting a level the big money folks are watching and the tide may shift downward very soon.
Our trade target, indicated by the green line, is a previous swing high from the last downtrend. In fact, it remained this year's high until being cleanly surpassed a couple of weeks ago. Now, it serves as a support level, acting as a magnet for the price. This should draw the attention of short profit-targeters and buyers looking for a re-entry level for another upward leg.
This is a solid setup. If you agree, smash that boost button and drop your thoughts. Always up for a chat
