Analyzing the pair on the higher time-frames, it has reached a reversal zone for the second time, previously located around the 158.874 price level.
Moving to the daily time-frame and after the pair hit that same area twice again, there’s the possibility of opening a sell position — but a few points should be considered:
**1st point: Pay attention to the reversal the pair is currently making after reaching the area near 139.576 *and try to understand whether a future pullback might occur, which would strengthen the case for the sell (a Fibonacci tool can be used as support for this).
*Something similar happened between January 16, 2023 and December 28, 2023.
**There’s also the chance that the pair might continue its downward movement without making a reversal or pullback.
2nd point: There’s also a possibility that the pair is in a consolidation zone and could later make a strong bullish move, breaking through the reversal zone around 158.874 and invalidating the selling opportunity.
Taking everything mentioned above into account — and despite the uncertainty around this pair’s future movement — it’s possible to consider both buying and selling at different moments. That’s why it’s important to closely monitor all the movements and try to time it right, because I believe that when the pair chooses a direction, it’ll move with strength.
In this analysis, several moving averages and a Parabolic SAR were also used, and they should be given close attention.
http://dlvr.it/TKPFwN