Trade scenario 1: Overall we are still bullish but last week we saw a huge amount of bullish volume ending with price action rejection off 97.250 resistance.
Because of the nature of the volume we can’t identify clear structure just yet. So ideally, we want to see some consolidation with a higher low formation above 96.350 to continue bullish.
Trade scenario 2: If we are to consider USD bearish we first need to see a break of 96.360 support with a lower high below.