is in a well defined down-trend. Sometimes, it's good to simplify your analysis with a line chart. By looking at the hourly line chart, we can see the pair's down-trend seems to obey the 61.8% retracement
level as the key reversal/trend continuation area. We can also see that the RSI
and slow stochastic
have been at close to overbought levels on the highlighted occasions. Therefore, our current plan of action would be to look for a short at the 61.8% level of the previous down move, which comes up at about 1.24645 area, we also want RSI
to be somewhere in the 60-70 area, and stochastic
to be at 70-80 area. We can also use the 100 SMA
as resistance for the purpose of this trade. If all of these conditions do indeed materialize, we are happy sellers on the 1 hour chart.