In the start of December '14, a crossover occurred on the D1 after a pullback, and the selloff continued down.
Yesterday's candle (Monday, 09/03) showed a clear rejection of the key level around 1.0515 and the 50EMA.
Bears are definitely present at this level, and heaps of confluence are loading up at this level;
1. Overall momentum
2. D1 death cross
3. Possible rejection candle approaching
4. Rejection of key support
5. Rejection of dynamic resistance (50EMA)
6. pattern ( continuation pattern)
(7. close to a rejection of 50% fibo lvl )
(8. Slight divergence)
Normally I go for 4-5 confluence factors, to place a trade, so if another rejection occurs today, I am definitely looking to get short on this pair, with 6-8 confluence factors supporting a short trade.