Simply the pair is in a monthly/weekly downtrend. The D1 is showing an overbought RSI. Going down.
Reasons to short next week: - 12345 Elliott wave that hit a trend line - Divergence on RSI - Overbought
As we can see the price has hit the trend line and is in 12345 wave which reached its final stage. Next week, expect the price to fall to around 1.1730
Downtrend channel is pointing towards a more short position.
The price is sill within the range of the two channels; a major channel and minor channel. expected to continue falling in June.
wait for the right shoulder to complete. TP 1.1240 - 1.1260 - 1.13
After closing the gap, the market could move lower before going back up above 1.1200
After it closed at the 1.12 this week, it could possibly follow this setup.