We will retain our previous view of the pair. The pair is expected to trade in a lower range. The pair posted a gap down open and broke below its 20-period moving average. The downward momentum is further reinforced by the declining 50-period moving average. The relative strength index shows downside momentum.
To conclude, below 0.7095, look for a new test with targets at 0.7030 and 0.7000 in extension.
The black line is showing the pivot point. Currently, the price is above the pivot point, which indicates long positions. If it remains below the pivot point, it will indicate short positions. The red lines are showing the support levels and the green line is indicating the resistance levels. These levels can be used to enter and exit trades.
Resistance levels: 0.7120, 0.7145, and 0.7170
Support levels: 0.7030, 0.7000, and 0.6955