On the daily timeframe and below this pair is very bearish.
Current price action is in a retracement and we are looking for long opportunities with the overall bullish trend.
Ideally we would like to see a reversal at the 61.8% with strong bullish setups. We can target higher toward our monthly resistance zone and -27% fib level around 126.250
For us to consider short opportunities we need to see a significant break of 124.000 first with confirming lower highs. The real transition will take place after 122.750 is broken and price action moves below it.