The daily technical view tells me that price might want to spike up and then pullback with some strength. I can see momentum leading up to this key level (green line) has been slowing down. This is going against correlation at the moment. So I am still in wait and see mode. As long as price does not break and hold above the 1.5892 handle I will be looking for signs to continue to show me this is a sell. I could see price spike to this level and maybe even crack it before we see sellers show up and push price down. If this happens I will wait for price to reach around the 1.5725 area and then pullback and retest the 1.5815 before looking to take the short.
From the 4h chart I can see price has really been struggling to get above the 1.5815 handle. I like this type of price action prior to seeing sellers show up and become aggressive. This supports my daily technical view point.
The only way I will turn to buyers here is if we can breach and hold above the 1.5892 handle. Until then I lean towards the sell side. There is still some time to wait before price unfolds the story. So a little patience is needed to get the best price here.
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