This pair should be in the watchlist of every currency trader. I tried to keep it as simple as possible in the chart. Now as you see the is constructed with the alternated pivot at the L.618 Schiff swing. The monthly analysis linked below says pretty much all; a turn in trend is expected. But it cannot just go below the old levels without any retracement. So we need to anticipate where it should take place, then if it confirms us, we need to be in the train as the anticipated consolidation is signaling its end. Here, the ML cannot just sit there and watch the bears cross the border. So a bounce from the ML is expected, after which optimal entry points are to be sought.