At the moment the pair is trading in the descending, extended channel and is below the level of Fibo 38.2 (0.7275).
So far, we have no evidence of a change in this trend, so we believe that the price will continue the downward movement.
At the 0.7145 level, we observed that the price tested the lower boundary of the channel in an attempt to accelerate, but reflected and headed for correction.
We will look for entry points for short positions at the upper border of the channel.
The MACD graph also confirms the downward movement.
Also today there are a number of indicators for the US: basic index and retail volume at 15.30 (GMT +3), so you should also take into account the fundamental indicators.
The levels of support and resistance are at the border of the channels and at Fibo levels.
At the moment we can place them on the levels of 0.7300, 0.7275, 0.7190, 0.7150, 0.7105.
