If you analyze the recent downtrand through "Elliot Wave Goggles", one might believe that the pair has reached the end of the 3rd impulse wave, will pullback to a previous support/resistance for the 4th wave, and then continue downward for the 5th wave. With this analysis you could either try to collect pips from the pullback of the 4th wave, or the short position of the 5th wave, OR if you're really confident in your ability...both sides of the trade.
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I encourage everyone to leave a comment with your opinion of this analysis.
As always, be sure to check out my recent ideas, give some feedback on what you like abaut my analyses or constructive criticism, and be sure to follow me for future ideas.