The #pair has been moving in an upward direction since the beginning of the month, driven by the #economic data released during the previous period for both #currencies. However, the pair has now started to lose its upward momentum and enter overbought #territory.
On the 4-hour timeframe, we see that the #RSI #indicator is #currently above the 80 level, which #signals that the end of the upward #trend is imminent. #Additionally, the pair has started to form bearish patterns on the same timeframe, confirming the analysis by the #Forex_Trade_Time #team ( www.fxttime.com ) that a bearish trend may be highly likely.
On the daily timeframe, we also observe the #RSI touching the 70 level and the emergence of bearish #Japanese candlestick patterns.
On the same timeframe, we find that the #MACD indicator shows a strong rise and the price reaching important levels. There may be strong opportunities in the upcoming period to capture profitable selling positions on the pair.
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