Targeting the short-term cycle, we believe price is on it’s way towards the previous low around 1.1700. Since our moment of entry a few days ago, the pair had been pushing downward slowly but surely, closing the distance to the first price target at 1.1746.
In the mean time, we keep building up this position. It’s important to note that 1.1746 could end up being a stiff support and might pose a problem to the negative momentum driving the pair.
That is why we will watch very closely when price hits that level. The type of reaction we will get at the touch down is going to determine if we will carry on to the next and last price target at 1.1700.