But, after dropping from major resistance at 0.6840 levels (7DMA, 29th March close) indicates previous consolidation trend seems again little weaker and more potential for downside to targets.
Currently, heading towards supports at 21DMA and weekly 7EMA.
If it doesn't hold support at 21DMA, dips upto 50 pips possible, on the contrary bounces are also likely upon sustaining this support.
and oscillators on both daily and weekly graphs are suggestive of further declines as they evidence downward convergence to the price dips.
%D crossover even below oversold zone on weekly plotting have been convincing that the selling momentum is still strong.
On weekly basis, Every time price was unable to hold onto resistance at 0.6896 levels it has dropped below to evidences dips upto 0.6425 levels, current price actions has dropped at the same levels.
Leading oscillators have been little indecisive on weekly but diverging to previous sideway to mild upswing rallies, shows divergence at around 53 levels on weekly, while same is the case with slow curve, crossover at oversold zone.
Hence, considering above technical reasoning, one can eye on option tunnel which is debit spread of binary version.
In-The-Money tunnel would be formed of shorts of in-the-money binary put with shorter expiries below the current exchange rate less an Out-Of-The-Money longs binary delta put below the exchange rate.
We wouldn't be surprised if the spot FX drifts upto 25-30 pips below current levels of 0.6765 levels in no time or 20-25 pips on northwards in intraday terms.