As illustrated, the price is reaching for blue skies mas it clears 2002 levels and eyes the body of the monthly reversal candle from August 1998. The mid point of that candle is as high as 141.86. However, RSI bearish divergence is playing out on the lower time frames, such as the above weekly chart and below on the daily chart.From a daily perspective, the prior lows near 131.50, if broken, will open the risk of a test below 130.00 and 127.
From a 5-min chart's perspective, the price could be on the verge of a break of structure of 136.57, resulting in a bearish head and shoulders and a significant move to the downside as per the hourly levels identified. If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
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