A downward trend is strong.
On the weekly chart, assumingly, a long-term Bearish impulse has finished developing. At present, a Bearish correction seems to have started developing towards 100.00-95.00. Locally, assumingly, the first wave of the correction is forming within which an impulse in the third wave of the junior level is developing. If the assumption is correct, the pair continues falling to 108.50-106.70. A critical for this scenario is the level of 116.40.