The pair has been declining since a “Double Top” arrived at the last high. The price faced a support at 1.1193, but bears is likely going to reach the next support level at 1.1159. If we see a pullback from here, then bulls will have a chance to achieve a resistance area between the levels 1.1273 – 1.1305.
The market found a support at 1.1193, which led to the current correction. There’s a possible “Pennant”, so sellers are likely going to reach a support area between the 89 Moving Average line and the level 1.1159. If bears be stopped somewhere in here, then the price will have an opportunity to achieve a resistance at 1.1245 – 1.1273.