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The technical outlook remains unchanged, and the pair’s movements have not changed significantly for the second session in a row, maintaining negative stability.
Technically, and with a closer look at the 4-hour chart, we notice the continuation of the negative pressure coming from the 50-day moving average, in addition to the intraday trading remaining below the resistance level 1.3065.
From here, we believe that the possibility of resuming the decline remains, provided that 1.2985 is confirmed, and that extends the pair’s losses so that the way is open directly towards 1.2930 and extends to 1.2875, as a next target.
On the upside, the stability of trading once again above 1.3065 postpones the chances of a reversal, but not cancel them, and we witness a re-test of the descending channel 1.3120 before retreating again.
| S1: 1.2965 | R1: 1.3065 |
| S2: 1.2930 | R2: 1.3120 |
| S3: 1.2870 | R3: 1.3165 |
