The FX barometer of risk tried to break to its lowest level since November 2016 this week. And with bullish momentum sorely lacking, we’re seeking opportunities to enter short. We can see on the weekly chart that price action has been confined to a choppy range between the 80.50 to 84.50 area since March. The range itself may underwhelm at first glance, but clues are building up for a break lower. Since the 90.31 high we’ve seen two lower highs and lows. A 50% Fibonacci retracement level has capped the upper resistance zone but, more importantly, momentum has rolled over these past two weeks to suggest bears now have ... (full story)