Heading into the monthly we see that this pair had broken preivious descending trend line and resistance structure. Volume is increasing and Market is shifting from bearish to bullish.
WEEKLY:
From a weekly standpoint the market is still bullish and seeking new highs. From a fibonacci standpoint based on the last bull impulse, i suggest the market will take a break and SELL off for a while to the 50 and 61.8 levels. Here is where i would have a BUY LIMIT order in place to catch the next bullish move.
DAILY:
From a daily perspective there is hidden divergence between price and the depleting values on indicator, suggesting a shift in momentum to the downside.
4HR:
Down to the 4hr we are still slightly bulllish. I suggest a retest to previous structure of resistance then SELL to where we placed our BUY LIMIT based on Monthly, Weekly, and Daily.
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