Traders can follow economic events or news which may affect the trend of this pair, to adjust on trade position.
Support & Resistance: R1: 1.17
From the weekly chart, the price has dropped in 1:1, the double top chart pattern has finished it formation. There are 2 possibility for the incoming trend, first is the downtrend continuation and finished the formation of 1:2 from the double top chart pattern, or the price support at this level and the price challenge the resistance level (1.17). From the previous weeks candle, the candles has a long lower wick, which means that the selling momentum was weakening. The possibility rise of the price is higher, traders can take long position as the possibility is higher.