Today the bears continues to push prices lower as short term Head and Shoulder Pattern confirms immediate price action. If the bears can break the current key level then look for 0.7180 as next key support, to be followed by the 0.7130 area. The 0.7180 is also the approximate measured move target for the head and shoulder pattern.
This pair has entered recently its demand zone. Bullish divergence can be seen on the RSI indicator. Conservative entry it to wait breakout from the channel. While a more aggressive entry is to accumulate every time price enters the demand zone. Stop loss right below this demand zone or below 65500.
This pair seems to have broken down from the wedge pattern. If this is the case then we will be able to see this pair drop towards 1.0000 and below. Else we will have an alternative count for the final rally of the 5th leg of the wedge before a big correction. Overall in my opinion this pair is headed down.