Technical Analysis:

Weekly bias remains bearish.

However this pair is already oversold as a retracement or consolidation is expected initially this week. Fall from 1.14486 (Feb 19 high) seems to have bottomed out at 1.04611 forming a support. Upside should be limited at 1.08500 psychological zones.

A break and close below 1.04611 support will resume downtrend and further decline to 1.02000 psychological zones is expected.

 

On the new week, Wednesday is going to be the most volatile day for the pair and would determine its next direction. Focus will be on the United States Dollar where the Fed will announce its monetary policy decision and economic projection.

 

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