We also see a move up off of the low which could set up a selling opportunity. I would like to see some sort of sign that this pair is in a downtrend before entering into a trade though, especially when I am not that confident in the strength of the trend on the daily chart. If this pair is able to reverse and move down through the trendline before trading up through the recent high of .85504, that would be good enough for me to open a new sell position. I am looking for the start of a reversal before entering which can increase my chance of success on the trade. I can't confirm the downtrend, but I can confirm the reversal. But since there are no guarantees in speculation other than having losing trades, I would place my protective stop just above the .85504 high. A move up through that level might bring in more buying, especially if the US stock market can continue rallying.
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