Short term, it looks like a run downward is probable, given that price is now consolidating in the low 4700s. Also, the upward trend failed yesterday at 4766, again at 4758, and again at 4753. That said, we're definately in a "squeeze" with price action currently being limited to less than a 20 pip range. However, the downward run will have to close below 4700, and then below 4685 to suggest sustainability.
This is all short term, though. I don't think anyone here really believes that the long term trend is not bullish.
Personally, I went short with the breakout early in the Asian session with two positions, closed one at 4700, and now I have a "free trade" to see if the short is viable.
This is all short term, though. I don't think anyone here really believes that the long term trend is not bullish.
Personally, I went short with the breakout early in the Asian session with two positions, closed one at 4700, and now I have a "free trade" to see if the short is viable.