After breaking the bullish trend, I called a short on this pair, however, the currency pair shot up stopping me out. Currently, the pair has formed a double top and it looks like a bearish trend is being made due the formation of the most recent trendline. If the currency pair moves down, I will target 150 pips where we have our 61.8 fib level,. Will be risking 50 pips.
I'm using this mainly to see how it influences other stock markets.
I've entered a small position size short on this based partly on experience on the 1H time frame. But that's not where the main action is.
This market tends to influence events in the Indian and Japanese stock markets.