As can be seen on the attached daily chart, the flag formation is still relevant but the hoped for bullish momentum is certainly lacking. The proximity of the major golden Fibo at .8375 probably hastened the turn. The 20-day MA historically acts as an excellent pivot point for this pair. It comes in now at .8037, just below the flag top around .8065. A breach of both levels will see the bullish alarm bells ringing loudly. Play range edges and play the break through a medium-term strategy rather than a quick hourly play.
