Bigger picture this pair is still technically strong. I do not factor fundamentals into day trading analysis because they are irrelevant in terms of this time horizon. A strong technical bias means that I will expect for performance from my longs and less from my shorts. IF this pair reaches these levels over the next day or two, a trading opportunity may emerge. The key is to identify valid reversal structures on smaller time frames within these zones. If bullish
reversal patterns appear in the buy zone, especially on a 30 min time frame, the trade is worth holding for an attempt at a new high in my opinion (1.3250+). If reversal is not present on 30 min to 1H, and only on 5 - 15 min, then the trade is good for scalp or day trade only which equates to about a 30 pip target. If price reaches selling zone, and can be confirmed with sound price structure, I think a short is in good order, but for a day trade or scalp only. This pair is not proven on the short side yet and until it is, I expect less from shorts.