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The pair fell to a low of 114.32, thus I feel moving stops to 115.70 seems prudent. My proposed entry was 115.10, so I will be hoping to move stops to break-even soon.
On the hourly and daily chart the stochastic indicator is firmly below 20, although a move back above this level could suggest some short covering, however it appears a new trend is developing to the downside.
The sell-off in US equities is helping the trade as well, so downside moves in are not just a reflection of increased ECB expectations.