On the daily chart, the pair continued to decline and the pair approached the next "round" support level of 0.7200. Bearish signals are the decline of the pair from the downtrend line, and the formation of a "shooting star" below 0.7265 on Monday, the signal of which can be confirmed by a decline candle on Tuesday. Since most of the growth wave since the beginning of October has been played back, the pair may return to the lows of the beginning of October at 0.7170. According to the directional movement indicators, the trend is strong: the excess of DM- over DM+ is large, ADX is at a relatively high level, there is a weak bullish divergence of the minima of the pair and the MACD histogram. So far, the continuation of the decline seems preferable.
On the four-hour chart, the pair overcame support at the previous low of 0.7230, and this level acts as a resistance for the pair on Tuesday. The sequence of decreasing relative highs and lows of the pair is not broken, the pair remains below the trend line. In the short term, it is more likely that the decline will continue, although the formation of a bullish divergence of the pair's lows and the MACD histogram shows that the decline is slowing down. This could strengthen the support by 0.7200.
- Resistance levels: 0.7230; 0.7265
- Support level: 0.7200