There is a strong case for a bounce higher from current levels, as the market seems pretty oversold. H/T Steve F on the Lunch Money webinar for bringing this chart to my attention.

Current price at 1.0849, a downtrend line comes into play on the daily chart near 1.1000 which could be a better place for a short.

Blake Morrow

Chief Currency Strategist, Wizetrade

 

Disclaimer: I just established a long (counter trend) position myself today because of this chart and the overbought nature of the USD.