- The hourly chart shows the pair has been restricted to a narrow range since July 3. The range resistance is located at 0.6850 and the support is seen at 0.6730.
- A downside break of the trading range would revive the sell-off from the June 6 high of 0.7060. Meanwhile, a bullish breakout would confirm a bearish-to-bullish trend change, i.e. sell-off from the April 13 high of 0.7395 has ended and the bulls have taken over.
Hourly chart
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Spot Rate: 0.6813
Daily High: 0.6832
Daily Low: 0.6812
Trend: Neutral
R1: 0.6850 (range resistance)
R2: 0.6872 (50-day moving average)
R3: 0.6958 (38.2% Fib R of the sell-off from April highs)
Support
S1: 0.6797 (10-day moving average)
S2: 0.6762 (July 27 low)
S3: 0.6730 (range support)
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