We have broken the daily downtrend and are now in consolidation. Looking deeper, we have a recently broken uptrend on a H4 chart currently being in consolidation. I believe this is a decent opportunity to go short with potential extended targets if the newly formed H4 consolidation brakes to the downside. We do have the same pattern on the Canadian Dollar
The market is overall bullish on a daily timeframe due to higher highs and higher lows being made. The consolidation zone provides an opportunity to get long at a good price (notice the higher low, despite being in consolidation). A brake into an uptrend in the 4 hour chart shows that it is the time to buy at the first retracement, as usual.