The pair has posted an engulfing bearish candle yesterday respecting perfectly the 50MA and confirming the downtrend. It is at the moment sitting at support but if this is broken I can see a strong case for the pair to go all the way down 0.6775 area where I would expect a double bottom as this has been an area many times respected in the past (2015 and 2016). This view is supported by MACD making a tick lower.
A pull back in the 4H chart and break of the lows will be needed for me to enter the trade.
Trade safe!
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Retrace completed to the 50 fib retracement. Looking to enter under the neckline (red line)