Prices declined expected after showing a Shooting Star candle. The pair found interim support at 1.1051, the 50% Fibonacci retracement, and is attempting to recover above the 38.2% level at 1.1085. A daily close above this barrier exposes the 23.6% Fib at 1.1126. Alternatively, a reversal below support targets the 61.8% retracement at 1.1018.
Choppy positioning around near-term technical levels warns against taking a position on risk/reward grounds. Furthermore, confirmation of an upside breakout is absent for the time being. We will remain on the sidelines for the time being, waiting for a more attractive setup to emerge.