On Both the H1 Charts, the Bearish Candle is on the upper Bollinger Bands, we need next candle to confirm its bearishness, However, the upward price action is actually close to exhaustion, that can also be found on the H4 Chart., Technicals on this currency pair is quite Neutral but toward Positively biased, (Mixed signals from different longer time frames)
As such, the possibility of further rise toward the 1.5380 (next resistance) cannot be totally ruled out unless it can convincingly break the level at 1.5060 (it did breach this level but retraced thereafter), which is the 61.8% Fibo Retr between 1.5521 to 1.4230.
My longer term view on this pair remains BEARISH, from below chart A(H4), the 61.8% Fibo Retr level is 1.5060, but you may observe the bearish divergence.
From Chart B (H4) , you can see the exhaustion of the upward momentum as the bearish candle at the top Bollinger Band., you may also observe the similar phenomenon on the H4 chart.
Proposed Trade Set up.
SELL ON RECOVERY near 1.5060-1.5090 (Be patient)
Stop loss (60 pips)
First Target: 1.4938 (38.2% Fibo Retr) see chart B (H1)
Second Target:1.4854 (0.00 Fibo Retr)
Chart A(H4)
Chart B (H1)
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