has shown weakness since last Thursday with the daily shooting start, also followed by another shooting start on Friday, along with the overbought sign from the RSI
, you can clearly see that the price has started to form lower highers already, however, I prefer to see a daily close below Thursday's low at 1.2363 to confirm the weakness and maybe to go short at that point, target would be around the support area
at 1.2240 and 1.2180 with a stop loss at 1.2438 which is Friday's high.
but keep in mind that this is a bullish
market, so if the market retraced to the levels that are mentioned and found support, we should consider buying again.
on the other hand, if the market failed to retraced and closed above Thursday's high, that might open up the floor for more gains and it would be a good buy entry to take at this point with a stop loss at 1.2350 and target at 1.2800 levels