Technically the pair seems to have formed a H&S figure clear in the daily chart, with the shoulders around the 38.2% retracement of the 1.0580/0.8846 year fall at 0.9510 and the head at past October high and 50% retracement of the same rally around 0.9740. Having broke below the neckline and with daily indicators showing a strong bearish tone, the pair has room to extend its slide towards 0.9000, target of the figure.
A price acceleration below the weekly low of 0.9351 should see a downward continuation towards 0.9260 area, strong static support level, while a break below this last will confirm the rest of the key psychological 0.9000 figure. Former low at 0.9420 acts as immediate resistance, and a recovery above may see a pullback towards 0.9510 area, denying the bearish continuation.
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