$FIL bounced cleanly from the ~1.16 demand zone and pushed into 1.38, then rejected and is now consolidating around 1.32–1.33. This looks like a relief rally inside a broader downtrend, not a full trend reversal yet. Momentum cooled after the rejection, which suggests the market is deciding whether to continue or fade.

Key level to hold is 1.28–1.26. As long as price stays above this zone, the structure supports another attempt toward 1.38–1.42. A loss of 1.26 would likely open a move back toward 1.20–1.16.

Bias: neutral → mildly bullish above support

Bull continuation: hold above 1.26, reclaim 1.35

Bear risk: acceptance below 1.26

Not a chase here — wait for either a support hold or a clean reclaim for confirmation.