Broken out of the triangle formation to the downside.
The overnight dip has been bought into and there is scope for further pressure going into this morning.
We look for a re-test of the upward trending resistance.
Further downside is expected although we prefer to set shorts at our bespoke resistance levels at 1.1105, resulting in improved risk/reward.
The conflicting views have resulted in the immediate outlook being hard to interpret.
We look to Sell at 1.1105
Target 1: 1.1055
Target 2: 1.1020
Move stop to 1.1112.
Looks like it's holding at a 78.6% Fib level, which could mean some sort of short term bottom pattern in forming. I have moved the stop to 1.1081.