On this cross pair, the southward journey has
resumed (though the price did nothing significant at the beginning of the week),
but the current Bearish Confirmation Pattern in the market has been upheld. The
more price journeys southwards, the more the probability of a strong reversal
in the market, which may overturn the current bearish bias.
The EMA 11 is below the EMA 56, and the RSI period
14 is below the level 50. There are supply zones at 131.00, 131.50 and 132.00,
which would be breached to be upside, in case there is a strong bullish
reversal in the market.