The market has failed to reach the weekly upsloping UMLH and abruptly went below the monthly SL (both seen in the weekly analysis). Now this turns my bias to bearish again, since this picture indicates that the LWL1 is targetted. Notice the big volume of the red candle on 22 January 2016. The big volume of the spike and rejection indicates that the range's upper boundary will be revisited, which we are very close now. An intraday chart would assist the entry point for a short position. Although I would normally throw the dice for a short position with 2.5% risk for this picture, I will wait for a sign of weakness in the hourly this time to feel more comfortable.
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The pair seems to be trading expensive enough to go short.
