According to the daily chart, the pair is also set to extend its decline. After spending the week around a flat 20 SMA, it finally moved below it on Thursday, extending its decline ahead of the weekly close. Meanwhile, technical indicators head firmly lower within negative levels, reflecting strong selling interest.
The main support area is now at around 1.1460/70. The level should attract buyers at least on a first attempt to break below it. If the price zone gives way, the pair would likely extend its slump to the 1.1400/20 region.
The pair would need to recover above 1.1520 first, and 1.1615 later to shrug off the negative stance, but sellers will likely reject advances if the rally extends towards a stronger resistance level at 1.1670.
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