Although higher time-frames show us this pair has been in a strong bearish trend we have been trapped in a giant range between 1.10500- 1.08400 area and have not moved outside of these areas in a long time.
However, current price action looks to be establishing a lower high and could find it’s way back down to the 1.08400 area
My reason for this is because on the daily timeframe we have multiple candles showing us exhaustion and on this 4 hour time-frame we can see an ascending wedge forming at the top of a bullish push. This often suggests a bearish push is imminent but we will watch and see what happens at market open.
Ideally to enter on this setup we would like to see a strong bearish engulfing candle push down and out of this pattern and through the three moving averages. Then a quick retest of the moving averages would be decent confirmation to enter and target lower.