Weekly: The market is in a clear downtrend. The pair seems to have completed its pullback as it retested the key level 1.175. It then formed a bearish engulfing signal which wipe out the previous bullish run, indicating that the bears has wrestled back in control and there is more downside to be seen in the upcoming weeks. The key level at 1.175 are also respected. The downside target is 1.5 &1.4 respectively. Bias Long-term: Short Short-term: Short