This pair has fallen relatively quickly over the last few weeks and buying dips now in the hope of a sharp retracement does seem like a sensible risk-reward strategy. No major signs yet of any basing pattern emerging, so keep stop-losses on longs fairly tight in the face of the strong downtrend. Wave counters may like the chances of a base having already formed, but I’d like to see some formational confirmation. Retracements could reach .8660 without endangering the overall bear trend, so shorts should also consider booking some partial profits.
