The reason I am staying away from this pair at the moment is because its currently ranging.
You can obviously trade this but imo its not worth the risk as it very quickly reverses with very little movement.
Currently, if you look at the 1HR TF you can see price is respecting a downward channel but it can quite easily break that and move higher.
On the chart i marked up you can see the key levels of where price actually makes its moves, looking to the left you can see price rapidly dropped and then struggled to recover before shooting back up to its previous resistance level.
I am waiting for price to break this level again before looking for any short opportunities.
This is currently what is happening on most major pairs so its just a waiting game at the moment.
You can obviously trade this but imo its not worth the risk as it very quickly reverses with very little movement.
Currently, if you look at the 1HR TF you can see price is respecting a downward channel but it can quite easily break that and move higher.
On the chart i marked up you can see the key levels of where price actually makes its moves, looking to the left you can see price rapidly dropped and then struggled to recover before shooting back up to its previous resistance level.
I am waiting for price to break this level again before looking for any short opportunities.
This is currently what is happening on most major pairs so its just a waiting game at the moment.