As it can be inferred from the WEEKLY-timeframe graph, the price is ranging within the boundaries of the descending channel that has been highlighted on the chart.
Observing the ongoing price development, it can be noted that the price is approaching a crucial zone where three key confluences collaborate: upper barrier of the descending parallel channel, previous Lower Low point, 50% Fibonacci retracement drawn from the top till the bottom of the recent bearish wave.
Considering the above-stated points, we are pretty positive that the long-term sentiment on this pair remains bearish. Hence, once the price reaches the key zone that is portrayed on the graphic, we will carefully monitor the price action and look for our entry criteria to be met before entering short positions as planned and aim for the orchestrated target that is acting as the recent level of Lower Low.