Market approaches the resistance level 112.59 (upper Bollinger band), from where a downward bounce is expected - ADX resides in a weak area, at the same time continuing its decline, that tells about absence of trending potential in the upward movement (and, correspondingly, low probability of strong level break).
Market is still bracketed in the range of the last short swing (1.1532-1.1717) so far. Perhaps, this tendency will be continued. However, we have to note, that bulls have better chances - bar of the previous week covered the fortnight range, almost having broken the swing’s high. Thus, we have to consider resistance 1.1717 as a key zone - in case of break, the major will recover towards 1.1850 and, perhaps, higher.
Upswing is completed, that, formally, allows the new downswing to start within long-term downward structure. But, since there was no direct signal of stopping or reversal of the upward movement, the opportunity to renew the current swing highs in direction of the areas 1.31 and 1.32 exists.