-The market has been moving with a strong uptrend until the end of July 2020, keeping the price over the 50, that's a nice confirmation of the market's strenght.
-The at 0.96624, rejected the price, and it failed any attempt to break it again. During this consolidation phase, the market was losing momentum and the price was overbought. (It was a clear sign that the market was losing the strenght to carry on the same trend)
-The market then got a correction, it broke the 50 and bounced on the at about 0.92454 before starting a new uptrend. (The correction match perfectly with the 0.50% Fib. Retracement)
The market is clearly following an but it is also reaching an important weekly that already rejected the price in the past.
I definitely don't suggest to open any short position right now, but I suggest to wait the price action on the to understand the next market movement.
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