On the daily chart, the pair continued to decline, there was a closing below the "round" level of 0.7200. Now the pair is near the lows of the end of September (0.7170). Support can also be expected here. But closing below the "round" level and the fact that the pair remained below the downtrend line make the continuation of the decline more preferable. According to directional movement indicators, the downward trend remains strong: the excess of DM- over DM+ is large, ADX is at a high level, the MACD histogram remains in the negative zone, the MACD line has a negative slope.
On the four-hour chart, the pair is in a narrow descending wedge, the upper limit of which is the trend line since the beginning of November. Although the downward trend is now well expressed, at this scale the decline is already too long. There have been no noticeable upward rebounds since November 15. Another bullish divergence of the lows of the pair and the MACD histogram was formed. This indicates a slowdown in the decline and an increase in the probability of a reversal. However, this signal does not receive confirmation, which could be overcoming the trend line. Overcoming the "round" level of 0.7200 may open up space for further decline in the short term. According to ADX, the downward trend is very strong: the excess of DM- over DM+ is large and stable at a high level of ADX. If the pair recovers above the 0.7200 level (and thus breaks the trend line), this would change the picture.
Resistance levels: 0.7200; 0.7230
Support level: 0.7170