More importantly, there was a close below the 0.7160 level and the 50 hourly simple moving average. The pair traded as low as 0.7136 on FXOpen UK and it is currently correcting higher.
On the upside, there is a major resistance formed near 0.7160 and the 50% Fib retracement level of the recent decline from the 0.7188 high to 0.7136 low. Besides, there is a key bearish trend line in place with resistance near 0.7165 on the hourly chart.
Therefore, if the pair corrects higher, it is likely to face a strong resistance near the 0.7160 and 0.7165 levels. On the downside, a break below 0.7140 and 0.7130 may push the pair towards 0.7100.
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