The counter is in a consolidation mode within a bearish cycle.
It is consolidating in a flag pattern, which can be construed as an ABC correction, but with a bearish bias.
The pair is currently in a close vicinity to a strong resistance zone.
Further, the RSI indicator is capped by the overbought zone.
All the factors point to a reversal and we expect a strong down move from here.
It is consolidating in a flag pattern, which can be construed as an ABC correction, but with a bearish bias.
The pair is currently in a close vicinity to a strong resistance zone.
Further, the RSI indicator is capped by the overbought zone.
All the factors point to a reversal and we expect a strong down move from here.