We have been consolidating in a 150 pip region that's clearly highlighted in blue, the setup moving forward is quite simple to say the least. As you know from my title I am bearish only because we rejected 141.00 twice, However I'm not sold on that only factor, to consider this concrete we do need a solid break and retest of 139.500 and from that we can see the pair dropping all the way to 138.00 which is 150 pips but only time, patience and wicks will tell.
Comment:
As you can see we failed to break below which was a requirement for this to be successful, however we still are consolidating and it looks like we will reach 141.00 and further more we'll see what price action says.