In view of this I establish a short entry setup right at the 50% FIBO retracement of 29/7 (1.10784) and yesterday's low of 1.0882.
The idea is well backed up by the fact that price is well below the 100 hour simple moving avg.
Sell limit @ 1.0980/85
SL is placed right above the a.m. resistance around 1.1030/35
Target is around 1.0880/85
Please note this is a short lived trading setup, if the trade not triggered before NY session close, it will be deleted !!