Overall the USD is overvalued right now, and corrections will happen short-term is my believe. This is not to say we should be prudent and use proper disciplines, and markets always are erratic, and when wrong we should re-access the market levels and conditions.
The pair had a strong run up for for good reasons, but it is overbought since we touched 18.00 area, and we even climbed strongly near 18.1800. Depending to the trading strategy, we cam carefully build up shorts with low leverage to manage the storm. I feel we have a high stochastic, and overbought RSI and high up into the BB as well.
Strategy SELL @ 18.1100-18.1600 or better, and take profit near 17.7850 for now. The lower end Ichimoku is 17.6500 area (where breakout happened).
The pair had a strong run up for for good reasons, but it is overbought since we touched 18.00 area, and we even climbed strongly near 18.1800. Depending to the trading strategy, we cam carefully build up shorts with low leverage to manage the storm. I feel we have a high stochastic, and overbought RSI and high up into the BB as well.
Strategy SELL @ 18.1100-18.1600 or better, and take profit near 17.7850 for now. The lower end Ichimoku is 17.6500 area (where breakout happened).
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.