Short-term daily moving averages – 5-DMA & 10-DMA are still sloping downwards. Accordingly, the cross has failed twice 132.40 at a time when the hourly MACD
has turned bearish
while the price has formed bearish
divergence with hourly RSI
This suggests the pair could test double top
neckline level of 131.63 and may actually breach the same and retreat to 131.00 levels.
On the higher side, a day end close above 132.40 would open doors for 134.00 levels.