Because it really takes a long time to change a direction the trend still looks bearish although we had a 4 month period where it's still in a consolidation. Current price action combined with the weekly chart makes it possible that it goes up to 1.37-1.38. But the longterm trend looks still bearish and 1.16 is still in play. Focus on the 1.37 level which is a potential holing barrier because a higher move is not justifiable. If it happens the bearish view might change.
Weekly
What we see here is a "222" Buy Pattern from Gartley. It looks like it missed the retracement to the 1.29 and starts to get bullish a little to early. It looks like a AB-ab-cd-CD move and would accomplish its pattern in the 1.38 area. Due the lack of the right retracement down to 1.29 its not a valid pattern so it's still possible that the market shifts but its still in play.
Daily
On the daily time frame we see a triangle. We also have a Pivot Point at 1.3147 together with R1 at 1.3299 and S1 at 1.3066. Trend looks now bullish and there is the chance the market moves to 1.29 but even 1.3520 or 1.38 is still possible
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