We have a potential pattern forming on this pair completing at 1.606.
Price has currently been moving sideways on the daily time frame.
Looking at the weekly time frame, in the near future I am expecting a break of this sideways movement and a continuation downwards.
We also have a few other confluence factors:
1. Minor resistance
2. Potential trend-line resistance
3. move in our potential reversal zone
4. approaching overbought conditions
I will be keeping a close eye on this pair.
Follow us for more at KashMarkets on Trading view and Instagram.