The pair recovers after reaching the local minimum. The correction is likely to continue until Friday's release of employment data from the US Department of labor. If the values are weaker, as shown by the figures from ADP on Wednesday, the pair is likely to turn down and continue to decline amid demand for defensive assets.
The price is below the middle Bollinger band indicator, above SMA 5, but below SMA 14. RSI is below 50% and turning up. Stoch are out of the oversold zone.
Trading recommendations:
If the pair holds below 107.45, it can turn around and continue to decline to 107.00, and then to 106.65.