Currently, the pair quotes have slightly dropped below the support level of 1.1718, while the moving average is above the quotes, indicating support for the southern direction from the moving average. This suggests a possible continuation of the southern direction. However, if the prices were to consolidate below this level, it would increase confidence. If the southward movement continues, my target to the south is the support at the level of 1.1684, where we will then assess the situation. Of course, the northern direction could become promising if the level is retested and prices move above the moving average. Happy New Year!
