He says:"The price has been moving lower within a descending wedge formation for the last month or so. Having tested the roof of this last week, the price action is now rotating lower, which gives us an opportunity to enter a short trade in line with the dominant trend. The bottom of the wedge would be our first target at around 1.867 and a break lower from here could signal the start of a larger move down."

Alex talks us through the trade using daily and four hour charts and notes that the pair ran out of steam at around the 1.95 level.