After waiting for this setup last week we have finally entered a short position on this pair. We previously witnessed a break of key historical support however price did not retest straight away and we are no seeing that retest. Price has now bounced of the previous support now turned resistance which also shows a bounce of the 50% fibonacci level. Our target lies in between the 0% and a further historical support level. Our target is shown as the green box and lies on 122.063.