The pair is trading near 1.181–1.183 and remains under pressure after a failed attempt to hold above 1.1850. The current upward pullback looks complete, and the price structure points to the formation of the next bearish wave.

As long as the price stays below 1.1855, sellers remain in control. The nearest target is located in the 1.1760–1.1770 area, which marks the lower boundary of the local range and a zone of increased demand.

In the current conditions, the downside scenario looks more justified than a continuation of the rise.

Recommendations: SELL 1.1820, SL 1.1855, TP 1.1765