Despite the pair’s rebound from the descending trend line support last Friday, the subsequent failure at 113.78 earlier this week followed by a retreat to 112.70 today has set falling tops formation.
A daily close below 112.61 (last Friday’s low) would mark falling bottom and open doors for a test of 111.90 – 111.61 levels.
Only a daily close above 0.8894 would signal continuation of the rally. The daily RSI is around overbought territory.
Failure to take out 0.8894 followed by a break below the rising trend line would signal the index has topped out at least for the short-term.