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On the daily chart the pair is oversold with the nine-day RSI at 19.6 and stochastics at extreme lows.With this in mind I am going to take profits on my potential trade idea at market (114.01 at the time of writing), locking in a profit of 109 pips (or 0.95%) on the week.
I am keen to re-enter shorts however, and am potentially looking at working offers at 114.90 – just under the 38.2% of the sell-off from 116.88 to 113.76. I feel stops could then be placed at 116.90. I will update this trade if the offer trades to 114.90.