This current series of higher lows and higher highs while the daily chart shows a downtrend represents a selling opportunity when the trader feels that the sentiment has changed back to the downside. A move down through the previous low of 1.22409 increases the chance of the sellers coming back in to take control of this market so that would be one way to get into a new sell position. Taking a quick look at the strong trending move up by this pair between April and December of 2009 notes four moves against the trend. They lasted between seven and 10 days and measured between 375 and 590 pips. This current move up against the trend has lasted nine days and measured 540 pips. While this alone does not confirm the downtrend, it does show that this move against the trend is typical and hardly a reason to assume the trend has changed to the upside.
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