As previously forecasted, the pair merely tested the supply zone 1.1243-1.1256 before rebounding to the lowerside and is still pretty much bearish on the daily chart. We are waiting for minor retracements to the upper side.We expect to continue short with the next ideal target at 1.1144. The anticipated downward rally can only be invalidated in case pair end up breaking above 1.1256, if the latter is the case, then we expect an acceleration to the upper side. This downward rally is highly anticipated since the other positively correlated pairs such as AUD/USD and EUR/AUD are pretty much bearish and will have a similar price action during this intraday.
Trade Recommendations:
If you are not short already, wait for minor retracements to the upper side to sell this pair with an ideal target at 1.1144
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