- Consolidation since 6th of April
- Break of steep lower of bull run
- divergence in and
- Multiple long wicks at this level indicating bulls didn't have enough strength to really break higher.
- On the daily and are overbought which, especially on the is a good signal we may have reached the end
- and were oversold in H4 and are now pointing lower
Initial entry would be after the break of the that was strong in the past around 0.8040.
We could see consolidation here first like in the past before a convincing move lower towards a first TP at 0.7950 - 0.7920.
If this is reached and we break below it we could see TP2 at around 0.7850 - 0.7830.
This also matches possible reversal on GBPUSD with more strength for the pound.