I have broken down the short trade we took last week, I have also provided an updated forecast on the pair. The movement on the pair will heavily depend on the strength/weakness of the USD.
The corrective structure we are looking at on the pair as it breaks the high is typically bearish, as we tend to see price breakout to a level of support before we see a major move in direction. The pair has both upside and downside at the moment this is why we need to remain neutral and take long or short trades on a break of structure.
With the DXY pushing above the 100% region and looking short. We can expect USD to take a hit across the board.
The corrective structure we are looking at on the pair as it breaks the high is typically bearish, as we tend to see price breakout to a level of support before we see a major move in direction. The pair has both upside and downside at the moment this is why we need to remain neutral and take long or short trades on a break of structure.
With the DXY pushing above the 100% region and looking short. We can expect USD to take a hit across the board.