I would be looking to sell the pair for three reasons:
1. multiple weekly candles with long upper shadows indicate uptrend fatigue, that too, in a rising wedge like pattern
2. The latest weekly candle closed in the red, after failing to keep gains above 5- and 10-week averages. Both averages have now crossed bearish.
3. A double top-like pattern seems to be emerging.
Looking to sell around 163 for target of 159 with small stop of 164.00. As recent candles show, the area between 168 and 164 has seen several bull failures. So, I will avoid taking longs at least for the next week or two, unless a major fundamental catalyst emerges out of nowhere.
1. multiple weekly candles with long upper shadows indicate uptrend fatigue, that too, in a rising wedge like pattern
2. The latest weekly candle closed in the red, after failing to keep gains above 5- and 10-week averages. Both averages have now crossed bearish.
3. A double top-like pattern seems to be emerging.
Looking to sell around 163 for target of 159 with small stop of 164.00. As recent candles show, the area between 168 and 164 has seen several bull failures. So, I will avoid taking longs at least for the next week or two, unless a major fundamental catalyst emerges out of nowhere.
Trade closed manually:
Reached a low of 159.44