I’m quite bearish on this cross but as we know it can trade sideways for weeks on end before going on a run. I still expect Fibo support at .8160 to be tough to crack and it makes sense to reduce shorts on an approach to this level. Rallies are selling opportunities in my view and any approach now towards .8300 will surely attract plenty of sellers.
- I will continue to trade with a bearish bias;
- I will reduce shorts near .8180 and hope to increase again on rallies towards .8280;
- A break below .8150 will be the signal to me that the next bear move is underway.