Technically, there’s a minor trendline from the late-August low that’s being tested at the moment. The pair also failed yesterday ahead of the late-August high so the message is consolidation with potential downside.
At the moment, the US equity market is the lone pillar of global sentiment but if the US and China launch tariffs, this pair is vulnerable.
Still, if you zoom out the entire breadth of this chart is less than 200 pips. In order to get any real moves we’re going to need to break 109.78.