Weekly view:
Based on the weekly time-frame, I found that key resistance at the price of 1.1226 held last week and that we got strong rejection of the middle Bollinger band (20SMA), which is good sign for further downside. Additionally, there is reversal bearish engulfing candle, which is another confirmation of the weakness.
4H time-frame view:
Based on the 4H time-frame, I found new momentum down on the MACD oscillator, which is sign of the underlying bearish pressure. I also found rejection of the middle Bollinger band (20SMA) at 1.1115, which provides good sell zone. Watch for more downside.
Trading recommendation:
According to current market condition, my advice is to watch for selling opportunities due to underlying short-term downward trend. Downward targets are set at the price of 1.1070 and 1.1031. Resistance levels are found at the price of 1.1118 and 1.1128.
