The pair has found support on 1.16 for 5 consecutive weeks. The pair has consolidated between the range of 1.1775 & 1.16 as it bounce multiples times between the strong supply zone and the Major Weekly Support. In the previous week, the pair has tested the upside at 1.1775 but held back by the EMA 8. The pair is likely to retest the upper region at 1.1775 next week. A rejection of 1.1775 on the lower TF would prompt the pair to retest the lower region at 1.16.
A clear break and retest above 1.1775 on the lower TF would push the pair higher to the next resistance at 1.1875 (EMA 21) which is also the supply zone for a continuation of the downtrend.
Bias
Long-term: Bearish
Short-term: Bullish
A clear break and retest above 1.1775 on the lower TF would push the pair higher to the next resistance at 1.1875 (EMA 21) which is also the supply zone for a continuation of the downtrend.
Bias
Long-term: Bearish
Short-term: Bullish