The technical picture according to the 4 hours chart favors the downside, as the price extends below its 20 SMA and the 200 EMA, both converging around 1.1380, while the technical indicators accelerate south below their midlines. A break below the 1.1300 figure should lead to an approach to the 1.1250 price zone, while a break below this last should trigger stops and see the slide extending down to 1.1200.
To the upside, only above the mentioned 1.1380 area the pair may have a chance to recover, up to mentioned 1.1440, although at this point, spikes should be seen as selling opportunities rather than a confirmation of further recoveries.
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