The price is approaching a strong resistance level and the overbought zone. We need to be cautious of a potential false breakout, where many traders have their stop losses. Additionally, the pair has moved more than its daily average. This is a very interesting zone for selling, where we are definitely looking for sell opportunities rather than buys.
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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.