We have clear downside movements for the short and medium-term, the pair has been on the downside channel since January 6th after reaching the 1.2344 level which is the highest level for this year. If you take a look at the weekly and monthly time frame, you will realize that the current downside movements are a correction. This wave has 3 minor waves WXY, the price already completed W and X wave but still moving on the Y wave. According to my Fibonacci calculations, this wave shouldn't exceed the 1.1700 level.