fell from 110 with a strong impulsive sequence to the 105 support area
. Currently, the pair seems to be in corrective mode, with the buyers unable to produce very significant gains for the week. Additionally, the 20 EMA
seems to be strong resistance so far, which has not been the case for a long while. Given these considerations, we feel like a strong break and close below the ascending trend-line will be enough to warrant a short, hoping that the sellers produce another impulsive move towards the 104.150 area, with our stop loss above the 20 EMA
and 50% fib we should have good r&r.