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  • The 50-hour and 200-hour moving average crossover indicates the path of least resistance is on the downside.
  • The bearish intraday MA studies add credence to the  argument the corrective rally ended at 0.6859 and the pair is heading back to the  recent low of 0.6688.

Hourly chart

Spot Rate: 0.6780

Daily High: 0.6787

Daily Low: 0.6764

Trend: Bearish


R1: 0.6784 (10-day moving average)

R2: 0.6859 (July 9 high)

R3: 0.6906 (50-day moving average)


S1: 0.6748 (previous day’s low)

S2: 0.6688 (July 3 low)

S3: 0.6518 (76.4% Fib R of 2015 low – 2017 high)