Important to keep the bigger picture in mind especially if you consider the weekly view below.
On the daily chart I have explained that the current retrace have travelled slightly more than double that of the previous retrace.
There could still be some upside to the 0.5 retracement level and probably 1.296 should it head up
The pair is very overbought and have broken through the upper Bollinger band by quit a bit which only happen 5% of the time
Considering all above and the key levels on the chart it could start heading down soon as part of wave 5
On the daily chart I have explained that the current retrace have travelled slightly more than double that of the previous retrace.
There could still be some upside to the 0.5 retracement level and probably 1.296 should it head up
The pair is very overbought and have broken through the upper Bollinger band by quit a bit which only happen 5% of the time
Considering all above and the key levels on the chart it could start heading down soon as part of wave 5