- The hourly chart shows the pair could be forming a double top bearish reversal pattern with the neckline support of 0.7456.
- The hourly relative strength index (RSI) has diverged in favor of the bears.
Hourly chart
Spot Rate: 0.7475
Daily High: 0.7484
Daily Low: 0.7460
Trend: Bearish below 0.7456
R1: 0.7495 (50-day moving average)
R2: 0.7537 (61.8% Fib R of 0.7677 – 0.7310)
R3: 0.7605 (May 22 high)
Support
S1: 0.7456 (double top neckline)
S2: 0.7426 (5-day moving average)
S3: 0.7394 (10-day moving average)