The longer term trend for this pair has been bearish for a couple of weeks now. This trade is based on a bearish wedge formation that started early this month.
Wait for the retracement and enter around fib 0.5 level with a stop just above the recent top swing in this wedge . We take profit around fib 2.618 for a 1:3.36 RR trade potential.
Comments or idea's, let me know below!
Retracement did move it to this level, and as such trade is active.