• Pattern formed – Bearish AB= CD pattern
   
• Potential reversal Zone (PRZ) - 114.30
   
• The pair has shown a huge recovery from the low of 111.07 and jumped till 114.30 yesterday. It has shown a mild selling from the high. It is currently trading around 113.70.
   
• Fed meeting (Mar 15th 2017) and Swiss central bank monetary policy which is to be held Mar 16th is the major event for further market trigger. Swiss central bank will keep its ultra loose monetary policy on hold on Thursday on account of elections across Europe.
   
• On the higher side, near term resistance is around 114.30 and any break above will take the pair till 115./115.35.
   
• The major support of the pair is around 113 (21- day EMA) and any break below will drag it further down till 112/ 111.07 (Feb 26th 2017 low).
  
  It is good to sell on rallies around 113.85-113.90 with SL around 114.30 for the TP of  112