We have a downtrend for this pair.

Looking at our pair, we can currently observe the formation of a third wave and expect it to be the strongest. The US dollar continues to strengthen against the basket of major currencies and the dollar index at the moment is at 94.61, which is the highest since November 2017. Despite the fact that the US had a day off yesterday, the dollar index continued to strengthen.

Against the backdrop of the growth of the dollar, the prices of gold, oil products and our pair are declining.

We expect that the next resistance levels for the pair will be the located at 1.1500 and 1.1440. Therefore, we recommend taking short positions on our pair.