Price fallen sharply last week as global equity saw corrections across the board. Where recently the pair has had a high correlation with the stock market.
Trade Step-ups:
Scenario One (Bullish Reversal): Price rejects a bearish breakout. Look for a move to the topside of the trend channel.
Scenario Two (Bearish Breakout): Price breaks bullish channel trend, look for consolidation below 111.500.
Trade Step-ups:
Scenario One (Bullish Reversal): Price rejects a bearish breakout. Look for a move to the topside of the trend channel.
Scenario Two (Bearish Breakout): Price breaks bullish channel trend, look for consolidation below 111.500.