EU Analysis

Weekly: After the pair broke out of the uptrend, it has formed a new lower low at 1.16 region. The pair has formed a hammer at the Key Region 1.6, signifying that a correction rally is in hand. The pair could potentially retrace to Fib 0.386 ( 1.18750) & Fib 0.5 ( 1.20000) before it resume the downtrend.
Bias
Long-term: Short
Short-term: Long