Current price: 1.3050
Key point: 1.3100
Our preferred strategy: Sell positions below 1.3100 with a first target of 1.3000 and then a second target of 1.2950.
Alternative scenario: Stop loss and trend reversal upon breaking the 1.3150 level, targeting the 1.3250 level.
Technical commentary
The pair is moving in a downtrend below the 200-period moving average on the four-hour timeframe, below the resistance level of 1.3170, and below the descending trendline from the peak of last September. If the support level of 1.3030 is broken, the pair will then head towards 1.3030 and subsequently to 1.2950.
