I have shorted this pair earlier this week due to the recent breakout around 1.08274 level. I know that most of the signs lead to a very exhausted and oversold currency but I don't see anything significant that this reverses soon. I'm targeting around 80 pips from the point of breakout or will close it manually if I see a major bullish engulfing candle at the current consolidation.
For now, I'll just watch and see where this goes.
For now, I'll just watch and see where this goes.
Trade closed manually:
I have decided to close the trade with a minimal loss (about 11 pips) as a significant engulfing candle appeared in the 12H time frame. Now everything seems to point to a reversal and I'll be making a separate post about that.