Last week gave a break to the downside of an ascending channel on this pair. we also took out (and pulled back) an ascending Trendline in the process. What i like about this setup is that the fib ext targets sir right on the low of the previous rally.
Fridays daily close also presented a bearish engulfing candle.
We can see the MACD gave a clear indication that the channel was weakening.
I will be looking for shorts on this pair the coming week - The potential pull-back area is not "set in stone", just a reference. As above, i will be looking for confirmation to short this pair.