Price has retraced as expected , however it has not retraced far enough to offer a good risk reward entry.
The high on the retracement was 1.3311.
I have removed my orders to enter a short position.
Price has not moved down very far and the USD looks to be weakening.
If price breaks up and the pattern looks good I will consider a long position.
I will let you know should the long set up develop.
Chart below:
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