The pair had a strong bullish run this week and on the way up broke an important structure at 105.40 and now has reached the trendline which is confirmed as very strong resistance area since we have had 5 tests until now and none of them managed to break above it. Now we are testing this trendline again and as we see the previous 4 hours candle did not manage to have a close above this resistance. We will be checking closely the price action in this area and we may consider taking short position at the market if we see any bearish patterns being formed. Our analysis are invalid if price manages to close above the trendline on 4 hours chart.
Yep just give it some more time to play out, I believe it will head up further. Let's see what happens after this Pending Home Sales(USD) news take place ;D