On the 4 hour chart we can see price trying to make a range. If we get that spike up and back down this will show up as divergence on the and will give me confidence to trust my short bias.
My other scenario is that price blasts up above my blue line with a lot of aggression and then struggles to pull back to it. I still would be a bit cautious on buys because we have a lot of trouble to the left at this location for price to get rejected at any point. So I would need price to break above the 1.5900 with a skinny leg and then struggle to come back and retest. I would target the 1.61000 handle if this happens.
This is a so a little patience is needed. Let price action lead the way. Whichever direction it decides I have a plan of action. With that said I do lean towards sell more than buys here.
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