The pair has found support on Major Support 1.3125 for 4 consecutive weeks. In the previous week, the pair has challenged the resistance at 1.33 (EMA 8) region but failed to push above as it enter the supply zone for the downtrend. The pair is also in a downward sloping channel, which seems to be having difficulties making new lower low as it found strong support on 1.3125. The pair would likely retest the resistance 1.33 (EMA 8). An rejection on the daily chart would prompt the pair to retest the downside for another downside break. On the flipside, a sustained break above would signal a bigger correction rally, potentially targeting the upside at 1.3475 (EMA 21) before any meaningful rejection can be seen.
Bias
Long-term: Bearish
Short-term: Bullish
Bias
Long-term: Bearish
Short-term: Bullish