There's confluence across two timeframes. The downside breakout on the hourly timeframe can also be observed on the daily timeframe as well. A key level is being breached as we speak. Downside to be expected as long as price holds below.
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Here's the daily chart:
As long as price holds below 1.2838, we can expect downside momentum.
As long as price holds below 1.2838, we can expect downside momentum.