Downside for now is seeing minor support by 10-DMA at 0.7717, breaks below could see the pair test channel base currently at 0.7630.
The following indicators support our argument for downside in the pair:
- is retracing after hitting near 70 levels and points south
- Stochastics on have crossed over from overbought territory with a crossover
- line is showing a crossover on the signal line and the histogram has dipped into negative zone
5-DMA at 0.7774 and 10-DMA at 0.7717 are immediate resistance and support levels for the pair.
We would sell rallies in the pair around 0.7730, SL: 0.78, TP: 0.7660/0.7630