As you can see, price has failed to push through that 125.767 region (Marked on Chart), It attempted to penetrate through it but failed twice, so it is possible that we have a double top on the cards.
Right now, it seems as if price is approaching a key support zone (123.334-123.532), but it seems overall that buyers seem to be running out of steam, so to me it is unlikely that this support level will hold, so if we see price doesn't respect this support zone AND also manages to break through the neckline (122.545) from the double top, then an strong downward move is imminent towards 118.175 which is the next strong support level.
It will be interesting to see how the pair will treat the key zones/ neckline but for now I am keeping my eyes out for a bearish move and if I see a break of that key support zone then I will start looking for sell signals,
Good luck all!
Right now, it seems as if price is approaching a key support zone (123.334-123.532), but it seems overall that buyers seem to be running out of steam, so to me it is unlikely that this support level will hold, so if we see price doesn't respect this support zone AND also manages to break through the neckline (122.545) from the double top, then an strong downward move is imminent towards 118.175 which is the next strong support level.
It will be interesting to see how the pair will treat the key zones/ neckline but for now I am keeping my eyes out for a bearish move and if I see a break of that key support zone then I will start looking for sell signals,
Good luck all!