Price was rejected at resistance. With a bearish engulfing candle as a confirmation.
CMC PE is 30.57 while the overall sectors PE is 23.90.
Waiting for another point of entry.
Simply put, the Euro has been declining for virtually all of July. Demand has been weak and support levels have been broken time and time again. From my POV, this is the first Bullish RSI divergence on the Daily in quite some time. The divergence came with some interesting PA as well:
July 30 and 31 presented two Hammers, followed by a Bullish engulfing pattern....