Monthly is far from oversold on both and . We had a divergence which is at work now.
The candles are large and solid so it would take a some serious bull power to stop the bear attack, but who knows, maybe this month we will get a first candle or some indecisiveness and thus a (of some sort?).
The 1.2680 - 1.280 region would be a very nice level to stop. Clearly a strong resistance levels in the beginning of 2015 which got tested 4 times before finally breaking the fifth time.
We recently almost, kinda tested it by getting as low as 1.2850. Maybe we will get one more push towards this level to get that touch of that .382 fib region.
Time, specifically this month, will tell.
P.S.: Is that a bullish flag I'm seeing getting formed?