Price is rejecting higher TF resistance and forming a bearish engulfing candle as the hour closed. This tells me we may see short term retracement before continuing upwards. Considering bull momentum exhausted after 2 wave impulses, we could see price break below .7200 and close below confirming the overall uptrend has ended.
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Price rejected resistance twice on 4H TF, and w/ such a strong bullish impulse, we can now expect price to fall to a level of support to be retested. Scenario A: Price breaks above resistance and retests w/ rejection for further upside. Scenario B: Price comes back up to retest resistance again and rejects w/ a strong bear candle fully formed/closed for further downside.
Carefully watching what happens at 0.7205 area support either way. If price breaks below and closes w/ multiple confluences will enter shorts and vic versa for longs. Long term I will be looking for long opportunities and will be looking for RSI divergence short term.
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