The pair is still in a strong downtrend on the higher time frames. In the medium term price has found balance and has consolidated and we have a good resistance zone between 163.900 and 166.000 offering a good entry location if we get a weak pullback towards that zone. If the zone holds we should see another move down towards at least 156.000 and if that handle folds the 148.000 would be the next major level to look out for.
Trade closed: target reached
