Essentially we have an ascending wedge (bearish) which I am assuming now will complete with a break downwards due to the divergence in the RSI.
Furthermore if you look to the 4hr candlesticks the recent failure to push to a higher high after the tweezers and a bearish engulfing pattern has lead me to the conclusion that it is unlikely we will continue higher from here. The price has been consistently failing at what is a very strong area of resistance.
My target is the 1.272 fib extension of the most recent leg upwards, which also coincides with a few lows made in late April.
Fundamentally it is also worth considering that the markets have essentially already priced in no 'Grexit', so any surprises here may rock the current upward trajectory.
This trade obviously has a high likelihood of failure but I think the potential return makes it worth it.
DYOR as always and best of luck.
Furthermore if you look to the 4hr candlesticks the recent failure to push to a higher high after the tweezers and a bearish engulfing pattern has lead me to the conclusion that it is unlikely we will continue higher from here. The price has been consistently failing at what is a very strong area of resistance.
My target is the 1.272 fib extension of the most recent leg upwards, which also coincides with a few lows made in late April.
Fundamentally it is also worth considering that the markets have essentially already priced in no 'Grexit', so any surprises here may rock the current upward trajectory.
This trade obviously has a high likelihood of failure but I think the potential return makes it worth it.
DYOR as always and best of luck.