The pair has moved lower 18.1200 area in line with SELL strategy, but fell short heavily sad to say. Thereafter, we spiked and we have finished the day with a hammer top.
The regression channel sloping down ward, shows the expected parameters, and usually a move beyond that, would trigger a move back towards the mid-range of the channel.
the 18.3850 area highlighted some days back, is significant, and it changes the scope a bit. However, for now in line with slight overbought levels and the quick spike, and being slightly above the regression channel top, suggest we may see a pullback again.
there is some dangers of higher levels due to positive indicators, and that is why patience is warranted before selling should be done.
Strategy SELL @ 18.4500 – 18.4950 and take profit near 18.2750 when seen.