I think the fall started from 117.93 is corrective in nature and is developing as a complex corrective combination which ends with a triangle. The big problem here is if the triangle is already over or will continue one or two more days. A first signal for its end will be a rise above 114.56 and confirmation – above 115.02. In such a case I expect an up-move for a new high above 117.93. A key support is 113.75 as a fall below it will abort the triangle idea and will bring a new fall below 113.22

Trading strategy: 10:00 EST; 14:00 GMT

Buy on break of 114.60 (buy stop order at 114.61), stop loss - 113.74, target - opened

Confidence level – moderate

This analysis has only informational and educational purpose and does not represent a proposal for buying or selling currency contracts.