Price is being respected at the 124.85 level a previous area of resistance for the pair. We saw a daily rejection yesterday from this level after a push higher from the monthly support @ 124.00.
Price has consolidated today and movement has been slow, however a break below the box at 124.70 and I believe we could see some downside back down to the monthly support. A daily close below 124.85 would be a a good indicator that momentum may pick up into tomorrow.
A nice little 70 pip trade set up. We would need a close beneath our consolidation box in order to execute the short entry. A break and close above 124.85 would invalidate this set up and id expect more upside from there.
Simple set up, pure price action.