Timeframe: Daily
Price is trading within a broader downtrend, respecting a well-defined descending trendline drawn from the recent swing high. Structure so far shows a clear sequence of lower highs, with each retest of the trendline being rejected — a textbook sign that supply remains in control.
Current price action is consolidating just under this trendline after a corrective pullback. This looks like a continuation pattern rather than a reversal, given how cleanly the trendline has held on each test.
Key levels to watch:
Immediate resistance: descending trendline / recent swing high near 1.21000
First target: 0.5 retracement at 1.19080
Second target: 0.786 retracement at 1.16873
Bias: Bearish, as long as price remains below the trendline. A break and daily close below the recent local low would confirm continuation and open the path toward the first target at 1.19080. Sustained momentum through that level would shift focus to the deeper 0.786 zone at 1.16873, which aligns with a prior area of structural support.
Invalidation: A daily close back above the trendline and the most recent swing high would invalidate this bearish structure and suggest a possible shift toward consolidation or reversal.
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