On the daily chart, the pair has remained in a descending channel since the beginning of September. It remains below the downtrend line (the upper border of the channel). The pair received support at 0.7330 (near the low at the end of August). On September 22, a well-defined "shooting star" was formed below the trend line, this is another bearish signal. The risk of an upward rebound increases due to the pair's approach to the "round" level of 0.7200 and a long period of decline without corrections - since the beginning of September, and the wave size without corrections has reached 250 points, which is a lot for the pair. According to the directional movement indicators, the trend is a decline: DM - above DM+, the MACD histogram is declining in the negative zone, the MACD line has a negative slope. For now, a decline remains preferable, despite the risk of a rebound.
On the four-hour chart, the pair remained below the trend line and below the resistance at 0.7270, while trying to overcome the trend line, the pair met resistance at 0.7300. A false breakdown of the trend line and the level of 0.7270 makes it more likely to overcome the support level of 0.7230 and reach the next support at 0.7200, and possibly the lower border of the channel near the support level of 0.7145.
- Resistance levels: 0.7270; 0.7300
- Support levels: 0.7230; 0.7200