This pair has been in a significant up trend within a rising channel on the daily time frame.
We had a failed breakout to the up side with the pair selling off rightly so at the round number of of 2.0000.
We expect a retracement to the lower channel trend line and we have a setup on the 4hr time frame for a short entry.
We would look for price to break the 1.9600 level to initiate the short setup with a target one at the next support of 1.9341.
There’s long term support at the 1.9186 level which could tie in with the lower trend line.
Further support at the 1.8914 level which if reached we could see a significant bounce to the up side.
Alternatively if price fails to break the 1.9600 level we could see price continue to the upside targeting the highs of 2.0000 and then 2.0292.