Our first downside target which we predicted in our previous analysis has been hit. The pair is under pressure below its declining 20-period and 50-period moving averages, which play resistance roles. The relative strength index is mixed with a bearish bias.
Hence, as long as 0.7330 holds on the upside, look for a further decline with targets at 0.7255 and 0.7210 in extension.
Therefore, below 0.7330, look for a new test with targets at 0.7265 and 0.7245 in extension.
The black line shows the pivot point. Currently, the price is above the pivot point, which is a signal for long positions. If it remains below the pivot point, it will indicate short positions. The red lines show the support levels, while the green line indicates the resistance levels. These levels can be used to enter and exit trades.
Resistance levels: 0.7360, 0.7375, and 0.7410.
Support levels: 0.7255, 0.7210, and 0.7185.
