The pair is currently being moved inside a downtrend in the weekly chart within the overall sideways movement, it formed a downwards channel in the weekly chart which is currently being traded around its upper boundary; which supports rebounding down off around current levels to continue the downtrend. By looking to the current upwards movement we will find that there is a great probability that the pair is currently forming a Bearish Gartley pattern, and now it most probably near the end of point D.
By combining the Daily chart with out view in the weekly chart. we will find that the pair forming rising wedge and upwards channel; which are also showing the probability of rebounding down off around current levels.
Both charts supported by overbought on RSI .
So, we are waiting for a bearish price action from around current levels to start shorting the pair with SL: 1.0835 and TP: 1.0420. It will be a good opportunity to short the pair if it retested level 1.0805 with same SL and TP.
NFA
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