Trading remains in a range within a longer-term downtrend with a high in the 1.0750 area and the low in the 1.0400 area. I would be looking for the breakout of this pair at some point and would also enter into a trade based on that breakout. This is one of the rare times when I would be willing to buy on a move up through resistance or sell on a move down through support. While the USD has been stronger recently, there really has not been the big defining move just yet. Let the market decide which way it wants to go and jump on board for the ride. But I recommend waiting for the breakout first.
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