The weekly chart looks super bearish, given the current candle failed to hold gains above the descending trend line and eventually ended up almost engulfing previous two weekly candles.
A weekly close today below 1.0851 would be icing on the cake for the bears. That would open doors for a sell-off to 1.05 levels by the year end.
On the other hand, a weekly close above 1.0851 amid oversold intraday conditions leaves the doors open for a technical correction.