The pair is forming the “rising flag” trend pattern after the breakout of 0.6575. The expected decline in demand for commodity assets due to the drop in economic activity around the world because of COVID-19 is weighing on the pair. If this market sentiment persists the price will drop further.
Technical side:
The price is below the middle Bollinger band, below SMA 5 and below SMA 14. Moving averages have intersected and suggest selling. RSI is below 50% and is declining. Stoch are in the oversold zone.
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Trading recommendations:
If the price fixes below 0.6575, it will result in a further drop first to 0.6540, and then to 0.6510.