During the last week, the pair reached down and tested Monthly S1 0.7675 and then did a strong move up to the highlighted structure which served as resistance. Taking the current price at consideration at 0.7700, we can see that it is more near the Monthly S1 than the structure above, so the chances are that Monthly S1 can be tested again, but for us to take a position in the market the price should test the structure at 0.7750 so we can consider a short position, based in short term bearish trend. At the moment the movement is not very clear so we should wait for some more time for the price action to unfold.