The currency pair is currently experiencing a bearish phase, characterized by a consistent decline in price. This downward movement has led the price to approach a robust support level at 0.64990.
On the price chart, there is the emergence of a descending triangle pattern. This pattern suggests that dynamic sellers are exerting pressure on potential buyers who are looking to enter the market at the 0.64990 support level. Additionally, the price is confined within a descending price channel. In this scenario, each time the price retraces to test the trend resistance, it subsequently returns to the indicated support level. This pattern is a strong indicator of an upcoming breakout.
The moving averages are playing a role as resistance factors.
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