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There is a growing challenge to the recent bearish bias on the market. Since the demand level at 105.50 was tested, the market has gained 130 pips. Price is now above the demand level at 106.50, going towards the supply level at 107.00. There is a possibility of a change in the market bias when price goes further northwards.
The long-term bias is bearish. The EMA 11 is below the EMA 56, and the RSI period 14 is slightly below the level 50. There is currently a Bearish Confirmation Pattern on the 4-hour chart, but that will be overturned once the supply level at 107.50 is breached to the upside.
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