This pair has been making a series of higher highs since that saw drop on Friday last week and what is evident is the nature of the price action cycle which is now consolidating between 0.716 and the lows at 0.6980.
What I’m waiting for now since this week’s major shorts have been invalidated and stop loss hit is a price break below that 1 hour support trend line. If it does happen and a breakaway happens with a strong bearish candle, then we short after the close of that candle in the 1 Hour chart.
This view is advised on the behavior of the stochastics which is swinging in from the overbought regions and is at the sell zone-which is where price trended at after last week’s drop.
If there is a reversal, expect price to hit last week’s low at 0.698 and to trend even lower and as advised earlier, trail your profits.
Have a good weekend ahead.