Participant

This pair is looking ready to retrace some from here. The previous two trading sessions have formed a double top with the second candle of the formation closing well below the previous day’s open. ADX and Stochastic Oscillator are both showing signs of the price being overbought at these levels. ISM data out today was again weak data confirming feelings that a rate hike is not as close as expected recently. I see this retracing down to the 38.2% Fibonacci line at 122.522 and if that is broken then next resistance is at the 50% line at 121.73

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