On the four hour time frame the price is developing well above its bullish
20-day and 100-day SMAs and currently is trading at the 38.2% Fibonacci retracement
of the 2017 bearish run.
RSI is consolidating around its 70, while stochastic warns us to be cautious because has retreated from its extreme overbought readings and and is showing strong bearish momentum although is located around its 80.
To resume the uptrend for a longer term bulls should make a decisive break through the 50% of same Fibo at 1.2930. Until then the downside will be protected initially by the 23.6% Fibo at 1.2470 followed by the yearly low at 1.2240.
RSI is consolidating around its 70, while stochastic warns us to be cautious because has retreated from its extreme overbought readings and and is showing strong bearish momentum although is located around its 80.
To resume the uptrend for a longer term bulls should make a decisive break through the 50% of same Fibo at 1.2930. Until then the downside will be protected initially by the 23.6% Fibo at 1.2470 followed by the yearly low at 1.2240.
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