There are three facts that need to be described to update the situation.
First of all the pair has hit the previously speculated lower trend line of a medium term ascending channel pattern. The rate rebounded against the support after shortly touching it above the 1.1720 mark.
Secondly a rebound followed, which was already stopped on Tuesday morning by the resistance of the 55-hour simple moving average. The SMA is just the first one in a cluster of resistance levels.
Third and last the pair is set to be squeezed in by the medium support and the SMAs.
