We spotted out a "gravestone " pattern at peaks of rallies at around 130.860 with leading oscillators to converge downward, during week also we had advocated targets in this pair that has evidenced considerable dips (see price declines from 1st Feb that is when it has started dipping soon after our last article, refer below link for more readings on this).
While on the verge of this declining process back to back patterns appeared ( and gravestone at 130.870 and 130.860 respectively) to signify the more weakness in this pair.
We could continue to anticipate at anytime the bubble can burst out again as you can observe even on the weekly charts, the price line has slid below 21 week moving average and hovering around channel resistance, while leading oscillator (slow and ) has shown divergence to the recent week's rallies, which would interpret this as an early signal for selling pressures in the weeks to come.
Subsequently, on daily terms has been directly proportionate to the current price behavior. Currently, showing downward convergence from overbought zones (75 levels) with the dipping prices.
And same is the case on slow curve, it has shown %D crossover from above 80s on (current %D line flashes at 73.1450). So, one can eye on shorting opportunities upon the rejection of existing channel resistance at around 131 levels on a closing basis.
For intraday speculation, aggressive bulls can use one touch binary calls for targets upto 131.15-20 but as of now the odds seem unlikely to hold this level so immediate profit booking is a must and don't carry forward the long positions (considering long term ).
Hence, keeping 129.581 and 127.619 in mind bears can short this pair for downward targets as one needs to wait and see for the bulls creating better entry points for shorting opportunities as a result of overbought pressures.