The rate has been trending down since the start of the year and at the moment seems to be working on a descending triangle with a base at 112.55.
I will be looking at the falling trendline resistance which is also a resistance created by the falling gap. If we get a rejection here we’ll have a good risk reward for a short term downside trade to target the base and look for continuation even further down below.
If we get a break above 114.60 it would invalidate my immediate bearish bias and I would start looking at this as a double bottom formation with a neckline at this area around 115.40.