The downtrend that started in the beginning of the month continues. However, that doesn't mean we shouldn't see any upside move as well. Especially for the intraday traders, a move of 50-100 pips would look like a reversal.
That's why it's important to be able to identify the trend and a potential reversal.
We're now expecting for price to go below last week's lows, but before that happens we're also considering a move in the opposite direction.
If price goes up to 1,18 that would be the best entry opportunity to get involved in a short trade!