Weekly: The pair has failed to make a new higher high throughout the weeks, indicating its fading momentum. However, it printed a bullish engulfing candlestick signifying that the bulls are making a rally trying to break the top of the downtrend. In the coming weeks the pair is likely to continue to challenge key resistance at 111 region for a breakout. Any rejection on 111 region would trigger a short entry targeting 109 region.
Bias
Long-term: Short
Short-term: Short
Bias
Long-term: Short
Short-term: Short