The pair continues to move lower after rally showed signals of stall but is still holding above key supports at 0.7493/89 (100 / 200 SMA’s).
Near-term studies turned bearish and keep the downside under pressure, as break below initial trigger at 0.7535 (daily Tenkan-sen) generated negative signal.
Daily indicators turned south and support negative scenario.
Firm break below 100/200SMA’s is needed for stronger bearish signal and extension towards next strong support at 0.7467 (top of thickening daily cloud).
The pair is on track for the first bearish weekly close after one month that would add on growing bearish pressure.
Res: 0.7542, 0.7550, 0.7583, 0.7607
Sup: 0.7489, 0.7467, 0.7437, 0.7397