Without a break of the trendline and price below the 200ma, we will not be looking for buy entries. Our short entry was stopped out and we now sit and wait.
We had anticipated one way or the other. Unfortunately we were positioned more for the short side as many were. Now the pair has broken major consolidation area with conviction. That usually is a sign of continued momentum. Many argue that fundamentals don't move markets but I guarantee you if a major negative news comes out of japan or oil, you will see this pair drop 200-300 pips.
Fundamentals sets the train (price) in motion, Technicals keeps the train (price) moving.