Combining with the technical aspects on the chart, we are seeing an structure forming, with a divergence on as well.
Adding on, we do see price hit the minimum expected areas based on between 100% - 123.6% too.
These reasons provided me the conviction in looking for a longer term trade to the downside on this pair.
I will be following up and tracking this thread regularly throughout the year. Make sure you follow this idea to get notified whenever there is an update on this idea.
Have a great trading year ahead!