Since last week’s FOMC meeting the volatility seen with many pairs has led traders in to a state of uncertainty regarding whether or not the downward trend is still intact.
The pair has been moving sideways with choppy price action.
The key level is the 1.50000 which price failed to retest and has been pulling back towards the lower end of the range 1.47587.
Analysing the 1hr time frame a setup for an entry for a trend continuation has occurred.
If triggered we would expect price to continue to targets.