We are now at an extreme low, this pair has only been around this sort of level 3 times in its history! So that being said when I spotted price making lower lows and the RSI making higher highs I was just waiting for an entry. On the H1 time frame we are now creating a support area . Looks like a great trade setup 🔥
I agree with your chart but I think there may be a dip to about 1.1654 first. This current move down is a retrace and extension of the move up that started on 18th May (Daily Chart). The FIB 127% is 1.1583 but I think it will fall midway between that and the fib 100% which has already passed at 1.1728.