Based on this weekly chart, I can see that we are coming to a demand zone. I believe price could be going slightly lower to 1.06ish before we have a bounce. One thing which we have to bear in mind with this level is that wick pointed out by the arrow is indicating a stringer demand below. In any case will be watching this closely.
Comment:
Some move since this was posted 20 days ago. Coming to a supply around 1.0867ish area on a daily chart. Keeping an eye on this for now.