The pair has been rising during the previous period, surpassing important resistance levels and reaching levels not seen in years.
After this increase, the pair entered overbought territory and reached a buying climax.
On the 4-hour timeframe, the RSI indicator shows that it has risen above the 70 level and started forming a peak on the same indicator.
On the daily timeframe, we can see that the #RSI indicator touched the 70 level, confirming the #analysis of the #Forex_Trade
_Time #team #manger that the price has entered the buying #climax #zone and that a downward movement is imminent.
On the #Bollinger #Bands indicator on both the 4-hour and daily timeframes, we can observe the #price moving and pushing the upper band higher before starting to rebound from it. This also confirms what the #Forex #Trade #Time #analyst #team #manger sees.
Therefore, the bearish trend may be the optimal choice in the coming period to capture more selling opportunities while maintaining prudent capital management.
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