The price looks unlikely to break this wedge, this has been confirmed by the strong doji which had appeared on the 4h graph as the price touched the resistance level of the wedge. The price formed a doji and has started to move down, the RSI was also at an overbought level as the price tested the resistance level. The price is currently retracing and the RSI is positioning itself. It is not very clear which direction this pair would breakout, we would have to wait and look for a better confirmation. I will update this post if I spot anything that may signal the future direction of this pair.
Commentaire:
Here is the doji that had appeared at the resistance level of the wedge.
