The bearish movement witnessed on this pair which started on July 2013 with continous swinging patterns,a proto-typical textbook swings, giving us lower highs and lower lows. As this pair started the recent bullish pullback from 0.8250 support level to test 0.8520 (between 38.2 and 50% retracement levels) resistance, a call to pull the trigger is imminent. We will wait till we see a bounce off 0.8250 to continue the bearish move to 0.8250,0.8080( 1.27 fibonacci extension of the latest swing), and 0.7900( 1.68 fibonacci extension of the latest swing formation)
Conversely, if 0.8520 is broken upside with a high momentum, we should try to be bullish with the proper continuation candles combination or allow the market to move up and we try to lay 'Ambush' for the market on its return to retest the 0.8520...potential profit targets are 0.8745 to 0.8800
I will keep you updated as the trade unfolds
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