There are a couple of speed lines, or trendlines coming down. The sharper one, closest to price action is at about 0.8050, the middle of the May through June consolidation.
It should be noted in the daily chart that the momentum still has bearish bias and the moving averages are still in a bearish alignment.
Fan Yang CMT is a forex trader, analyst, educator and Chief Technical Strategist for FXTimes – provider of Forex News, Analysis, Education, Videos, Charts, and other trading resources.
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