As far as the price is below its pivot point, a short position is recommended with the first target at 116.20 -115.80. Price actions from 16/12/2014  are viewed  as a consolidation pattern with rebound from 115.60 as the second leg,below 115 area it  will indicate that the third leg as started and will target 111 low. 
short positions are recommended with the first target at 115.80-116.20.    

A breach of this target will push the pair further downwards and one may expect the second target 111 area.In the bigger picture, the up trend from 2012 is supported by key levels    109 area

This review does not including any document and / or file attached to it as an advice or recommendation to buy / sell securities and / or other advice

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