Most of the previous trading day the currency pair spent in a horizontal movement, being squeezed between the weekly PP at 1.1918 and the monthly PP at 1.1881. At the same time, it is fluctuating in a symmetrical triangle pattern, which is about to be broken.
The southern side remains protected by the bottom trend-line of a dominant ascending channel. In contrast, the northern direction is secured only by the weekly R1, which is located more than 100 basis points from the current position of the rate. For this reason, an upcoming rebound still remains seems to be a more preferable scenario.