Right - this has now risen back to the resistance level indicated - a horizontal extending from a prior low AND it's also risen to the point the RSI needs to break from its long-term downtrend.
I'd be looking to go short and close the gap at 12.50 if it fails, or a nice sustained long run eventually back up to the 50% Fib area if it succeeds.
I'd be looking to go short and close the gap at 12.50 if it fails, or a nice sustained long run eventually back up to the 50% Fib area if it succeeds.