After few months of uptrend at the end of 2016, the pair spent few weeks in consolidation. The recently tested monthly key level of 120 implies further price decrease if FIB level .382 is taken out.
* SL: 60 pips * T1 for 50% of position at .5FIB level at 118.1; move SL to B/E * T2 at .618 FIB level at 116.75
Trade active
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I'm moving T1 to 118.7 - downtrend line formed by two past lower lows will likely provide support