This pair has been making lower lows. For the first time on the 1 - hour chart we are now seeing a higher high being made.

I am of the opinion that the pair, having reached 112.6X resistance level is now due for a retracement to the down side.

The 4 - hour chart shows a candle with a bearish close and it failed to make a higher high compared to the previous candle.

The 50% retrace level of the segment from 112.67 (high) to 110.07 (low) should be a very conservative level for the anticipated retrace.

I expect price to reach 111.85 before any further re-assessment will be done.

Happy trading.

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