All our downside targets which we predicted in yesterday's analysis have been hit. The pair recorded a series of lower tops and lower bottoms since May 11, which confirmed a negative outlook. Both declining 20-period and 50-period moving averages should push prices lower. The relative strength index is bearish and calls for a further downside. Hence, as long as 0.6940 holds on the upside, look for a drop with targets at 0.6820 and 0.6800 in extension.
Chart Explanation: 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: 0.6960, 0.6985, and 0.7010
Support levels: 0.6820, 0.6800, and 0.6750
