The pair for quite a while has been on a uptrend and has also broken through the 4HR and daily Trend line in recent hours. Currently the market seems to have rejected the weekly linear level (Top TL).
From a psychological perspective, it seems as though that the Buyers of the market had lost momentum as this can be suggested following on from the recent candle closure demonstrating the markets indecision. Right now in this moment in time, it seems as though the market is reversing following on from the indecision that have been taking place.
There is further confluence following on from the fact that the pair was reasonably overbought. This could therefore be an indication that the market will settle down slightly.
From a psychological perspective, it seems as though that the Buyers of the market had lost momentum as this can be suggested following on from the recent candle closure demonstrating the markets indecision. Right now in this moment in time, it seems as though the market is reversing following on from the indecision that have been taking place.
There is further confluence following on from the fact that the pair was reasonably overbought. This could therefore be an indication that the market will settle down slightly.
Trade closed: stop reached:
Will anticipate a re-entry.