There is a growing challenge to the recent bearish
bias on the market. Since the demand level at 105.50 was tested, the market has
gained 130 pips. Price is now above the demand level at 106.50, going towards
the supply level at 107.00. There is a possibility of a change in the market
bias when price goes further northwards.
The long-term bias is bearish. The EMA 11 is below
the EMA 56, and the RSI period 14 is slightly below the level 50. There is
currently a Bearish Confirmation Pattern on the 4-hour chart, but that will be overturned
once the supply level at 107.50 is breached to the upside.