We just witnessed a breakout below the daily support 1.1146. We are waiting for a correction of the massive downward rally witnessed earlier today to give us low risk sell opportunities towards 1.1078. In the meantime, key support levels can be seen around 1.1078, 1.1046, and 1.098. Any clear breakout below the first target support will push the price all the way to 1.1046 but should not go beyond 1.098. Expect a similar impulsive rally in the cable, earlier today, these two pairs shown signs of positive correlation and will have a similar price action during this intraday.
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