The price exhibits bearish momentum, as it has already broken below the pivot line at 1.0367 and closed the weekly candle beneath it. This confirms a downward bias in the near term.
In the short term, the price may retest the area around 1.0345 or 1.0367 before continuing its drop. If bearish momentum persists, the price is expected to decline further to test 1.0226 and potentially 1.0155.
To transition into a bullish structure, the price must break and sustain above 1.0367 by closing a 4-hour candle above this level. If this occurs, the price could target 1.0437.
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