SELL Off Imminent ?? Drop to 1.73 Next??As per my last trade idea on this pair we got the dip back down under the 1.73 mark and are now well inside the Monthly SELL zone fast approaching the 1.78 mark were I mentioned that the market may target (see related post)
So, what's next? Over the coming days and weeks, it’s likely we’ll see a sell-off for this pair.
On the weekly charts, the 1.775 level is a key resistance point where the market has repeatedly pulled back.
Zooming into the lower timeframes, the pair appears extremely overbought across all lower TF charts. This condition at a key resistance level typically signals an imminent trade in the opposite direction.
I will be patiently waiting for any SELL signals using my TRFX indicator, from the 4-hour to the daily chart. Once the first signal occurs, I plan to build a short position.
The initial target for this trade is the previous resistance area of 1.73, where buyers are likely to regroup for another attempt to break through the 1.775 resistance level before potentially moving back down toward 1.70 or lower.
Given the key resistance and overbought conditions, a sell trade seems the most logical next step.
Share your thoughts in the comments.
(P.S. I've been a bit busy the past few weeks, so I haven't been as active on the platform.)
