In the period between January 15 - January 20, Bearish closure and persistence below 1.2160 was achieved. This helped to abort the ongoing bullish momentum.

Quick bearish movement was allowed to pursue towards 1.2050 as well as 1.2000 which failed to apply sufficient bullish pressure.

Lack of bullish momentum has been clear since then. That's why, we were waiting for a bearish continuation Pattern.

However, a recent bullish spike has pursued above 1.2150 - 1.2175 (backside of the broken channel limit) where bearish rejection was previously anticipated.

Further bearish decline was expected to pursue towards 1.1960 and 1.1880 which is currently being approached.

Either a Short-term bullish movement would be expressed for a rapid re-test around 1.2000 (Fibonacci level) or further bearish continuation would pursue towards 1.1800 and 1.1760 in the short-term.