This level is important not just because of the Fibonacci level but also because there is a downtrend since the beginning of November last year, which exerts its function as a support around the 109.90 - 110.00.
Therefore it is important because it could generate 2 different movements;
*Point A - BUY position opportunity if the trend-line and the 50% Fibonacci holds it support @110.000, looking for 2 targets such as the 38.2% of Fibonacci at 112.000 being the main one and the second target around the 112.500 level. It is important to notice however that the (period 20) is oversold, which may generate a momentum for the bulls.
**Point B - SELL position opportunity if the 110.000 breaks, leading to the 108.000 level and potentially reaching the 106.500 level, which is a support line from the trading range started in March 2017.
Keep an eye on this pair, there is opportunity for profitable trades.