Just a few thoughts about the above pair following last weeks trades. On the weekly chart this could be a pullback or even a reversal, and the pair certainly look very ‘toppy’ at this point. The candle last week was bearish engulfing, so expect some lower prices this week as a top seems to have been formed at 2.4650. We also seem to have had a gap down in prices over the weekend – never a good signal – so please be careful on this trade.
I hope that you took some profits last week, and as I suggested, once the level of 2.4730 was penetrated then lower prices were likely. With the pair now trading at the 2.4430 level, then this is clearly the case. If I were to take a short term view then I would probably be looking to trade short in the next few days, but remember, the cost of the trade then becomes negative, and is no longer a positive carry trade.