In late February, a recent bullish spike has pursued towards 1.2150 - 1.2200 where bearish rejection was previously anticipated. This was followed by a long-duration bearish movement towards 1.1690 where a bullish pullback has been initiated since then.

This bullish pullback towards the price zone of 1980 failed to find sufficient SELLERS. That's why, more bullish advancement was demonstrated towards 1.2050.

Currently, failing to apply sufficient bearish pressure around 1.2000, has allowed more bullish movement to pursue towards higher price levels.

More bullish advancement was expected to pursue towards 1.2100 - 1.2150 where bearish rejection was anticipated. Instead, temporary bullish breakout above this level is being expressed.

As the current price levels are quite overpriced, re-consolidation below 1.2150 and bearish breakout below the price zone of 1.2050-1.2000 is needed to establish a short-term downtrend.

Hence, more bearish decline would be expected towards 1.1990.