Technically, I can see that buyers are running out of steam and should be expecting a long term sell-off
In the bigger picture (see below) I can see that I are about to complete B wave and potentially starting C wave. B Wave has created an Ascending Channel and inside this pattern there is an Ascending Wedge with strong Bearish RSI Divergence.
Currently, according to my wave count, this pair is on wave 2 and with a combination of Elliott Wave Theory and Chart Patterns. We are aiming to catch the rest of the Wave 3 to the previous monthly support level and 1.272% on the Fibonacci Extension.
We should be expecting a new Elliott Wave count but before entering I am waiting for a continuation pattern (bearish) as it has recently broken a strong support level.
NOT VALID UNTIL IT CREATES A CONTINUATION PATTERN AND BREAKS IT - OTHERWISE THIS IS NOT VALID.