We can notice a negative divergence on RSI, and the pair currently facing a support level at 0.7155, with breaking this level we expect further selling pressure targeting 0.7115. Current resistance would be at the upper line of sideways channel at 0.72.
We expect further decline after the pair stabilized below the neck line of the head and shoulder pattern, targeting levels of 0.7050 then 0.6870. current resistance would be at 0.7230.
After breaking the neckline of the head & shoulder pattern, we expect prices to continue falling to reach 0.7050 then 0.69. resistance levels would be at 0.7230 and 0.73.
The pair rose after bouncing higher from the neckline of a head and shoulder pattern on the daily chart, current resistance would be at 0.7335, if prices exceeded it our negative outlook turns to a positive targeting 0.7550/75. Or with breaking the neckline, we would see prices targeting 0.69.
As we can notice there is a head and shoulders formed on daily chart and with stabilizing below 0.7225 the neckline would pave the way for further decline targeting 0.7050 then 0.6850. trading higher the level of 0.7335 would change the negative look to a positive one.
The pair is facing an important support at 0.7220/0.7200, breaking this area would continue decline targeting 0.7050.
We can notice that an inverted head & shoulder pattern is forming, breaking the neck line at 0.7450 would send prices higher targeting 0.7511. current support would be 0.7420/0.74.
The pair managed to break the support level we have mentioned about it yesterday at 0.7466, and it continued to decline and approaching level of 0.74 as we mentioned. We expect prices to bounce higher for testing 0.7460 and then back to 0.74 again then 0.7330.
The pair is approaching a support level at 0.7466m we expect further decline with the break of this level targeting 0.74. current resistance would be at 0.7525, exceeding it would send prices higher to 0.7555/75.
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