The pair is trading within a channel and as such there are some options for trading. After creating a double top at top of channel, the pair might head lower to the lower band of the channel (1.1370 area), so a short order for 30 pips might be initiated. Here there might be an opportunity to trade a break lower for another 30 pips although a potential break will need to confirmed by a retest. A move lower is favored as an overall pullback of the big bullish move of previous Friday. On the upside, a break above upper band of channel would be needed to initiate a long position.
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