The pair forms a «descending flag» figure of an ascending trend. The decline in risk appetite in equity markets after the recent strong rally is putting pressure. The pair may continue to consolidate further.
Technical side:
The price is located below the middle Bollinger band, below SMA 5 and SMA 14. Moving Averages intersect and suggest selling. RSI crosses the level of 50% and also signals a likely further price drop. Stoch are entering the oversold zone.
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Trading idea:
A decline below 0.7730 will lead to its local drop to 0.7650.