We have a clear 'Triple Top' and have created a neckline entry point, we have also gone below the 200 SMA and we have very clear Regular Bearish Divergence, take your profit in this golden zone which is the 50% and 61.8% Fibonacci retracement
We have bullish divergence on the OBV, as well as this you can see from the market structure, price has hit off the golden zone and is now its way to rally and complete an 'M' shape which is a very important pattern when trading Forex. Once price hits the resistance to complete the 'M', only then will it be time to go short on this currency pair.
We have just completed a head and shoulders pattern on the 4 hour time frame and now it looks like price is going to push up due to the bullish hidden divergence and also the bullish pennant pattern. Price is likely to have a small retracement at the golden zone(Either at 50% or 61.8%), but is expected to carry on to the upside.
Price has hit off the key 50% golden zone and is now on its way to hit off the the bottom 61.8 golden zone (1), then rally to just below the top 50% golden zone (2), then making its next move to the bottom 61.8% golden zone (3), finally, retesting the yellow support level (4) to continue to the down side. Keep in mind that price is at a crucial level of resistance...