This pair we took a short on monday and we got stopped out. The pair then continue toirritate the seller up to112.89 area before giving up. The price action we have seen since then is pretty clear, price currently trading below 112.48 which is a strong indicator for us that buyers are now scrambling out of this pair. A break below 112.14 will be more telling as this will open up 111.32 area.
110.66 is what we are looking for before any other move in the pair. A trade above 112.90 will invalidate this current setup.
and trade with care.