Price is in an overall downtrend and in a weekly Fibonacci pattern. Having retraced to the 61% resistance price continually rejected resistance and failed to move above in a manner. The pair is now close to completing the move at the 0% support of 126.30. Assuming price breaks below this level with a daily close, then I will be seeking short trades to the -27% Fib extension of around 120.00.
There are a number of fundamental news releases which could impact this pair during the course of this week so I will be trading with added caution.