As of last night, we expected our pair to do a small retracement into the red zone, which it has done and gone beyond (a move of 11.7 pips). Now we would be monitoring price action in this zone ... by expecting a double bottom chart pattern. However, if price fails to produce such as pattern necessary to push price back upwards then it means the pair would be consolidating for some time or could move further downwards, so we would not go long for this pair immediately... We would be patient to see a nice double bottom confirmation before we go long.
