Prices moved lower as expected after putting a Shooting Star candle. Sellers are aiming to challenge the 50% Fibonacci expansion at 1.1036, with a break below that exposing the 61.8% level at 1.0999. Alternatively, a turn back above the 38.2% Fib at 1.1074 targets the 23.6% expansion at 1.1119.
A close above the Shooting Star high at 1.1194 is a logical invalidation condition for a short position but the close proximity between current prices and near-term technical targets doesn't allow for establishing at least 1:1 risk/reward parameters on this basis. As such, we will continue to stand aside.