Price has returned to a previously broken key level, 7.7700 which is now acting as resistance. Friday closed the week with a bearish engulfing candle on the daily T/F signifying the presence of sellers in the market. Last time price visited this zone was in April and we saw strong rejection to the downside. If sellers remain in control we can expect that the market may drop lower to the 7.75500 zone creating new lows.