On the daily, price has made a sequence of higher highs and higher lows only to create a double top at the highs of Feb at 1.34. Price stalled its down move at the 20ema, and from the past sequence of events, we should see a move higher with a touch off the 20EMA, but with the double top, I think there is more selling pressure here. Going into the 4H chart, the 20EMA is holding prices down and creating what looks like a short squeeze (smaller candles as it approaches support at 1.1150). Then digging even further at the 1H, prices are creating a symmetrical triangle indicating a continuation to the downside. Looking to get in short at the 1.1173 level and take this down to the neckline of the double top.
Comment:
Stopped out.