After the monster sell off we saw on this currency pair over the past week, I was waiting for an opportunity to get involved. Price melted right through the structure support at 108.197. We will look for opportunities to go short should price retrace back to this level. This broken level of structure also happens to coincide with the 50% retracement off of the most recent high of the monster sell off. These areas of confluence give us a very great zone to get involved and short the pair.