Looking at the 1 hour chart price had been in a range for a few day and broke out overnight to re-test around 1.1900 which has been a strong resistance zone since late July. The market is starting to look overextended with price far above the 20 ema and stochastic flashing a high reading as well. I'm expecting a deep pullback or reversal from this point for intraday selling opportunities. Risk events are light on today's economic calendar unless any major central bank figures speak during the virtual Jackson Hole meeting. In summary, with price up so high at this point there could be another long push but there's bound to be some good selling opportunities very soon. Patience is the key
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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.