On S.C., we evaluated this market on Friday and described details of a potential swing trade long. That trade idea is still plausible, but can be negated if price pushes dramatically lower.
Keep in mind, current price action has been fluctuating within the 1.1937 to 1.1772 which is the .618 area of the structure that peaked in January. The fact that price has penetrated this wide zone is certainly a sign, but if 1.1764 holds, and the breaks, a retrace back toward the 1.1930 area is within reason.
If momentum continues without any interruption, then this pair can retest the 1.1630s before any supportive price action would be worth evaluating.
Remember, we are not making predictions, we are simply evaluating probabilities. And a trade signal off of this reversal zone is contingent on a reversal formation. No formation, no trade. The market decides, all we do is measure, recognize and adjust. Keep an eye on S.C. to see if a signal goes off in this market.