I am looking to short this pair. A small range looks likely to occur this week. I've highlighted this range area I am expecting in the blue box. Therefore I have highlighted the area I plan on placing short positions in the green box.
My basis for this is the breakthrough of the upper channel resistance, the lack of major news this week and Fibonacci , levels and previous price highs and lows. After the news events of last week, I think the market is trying to find it's placing and with a lack of major news events I therefore expect these levels to play a larger role this week, hence the range.
Congruent with my previous posting regarding this pair, there may be opportunities to re-enter this short position, though exits will have to be re-evaluated.
I will update this analysis when I get clearer confirmations.
However, I have identified key areas or prices that I am looking to place orders; around 111.7, 111.8 and 111.95. This all depends on various issues still to factor in.