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  • 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

Resistance

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)