Targeting the medium to long-term cycle, we believe price is on it’s way towards the major key-level support of 109.51
Since the very first moment price had hit the massive resistance level of 117.32 and bounced off it, we felt that a full fledged downside reversal was right around the corer.
The break below 115.26 had been our official trigger level that was used to refine our actual entry.
The next obsticle and test level is at 113.63. Breaking down beyond that point would be very important to our confidance in this bearish conviction we have on the pair.