We can see the pair has been in a bullish uptrend for a long period of time creating higher highs and higher lows along the way.
Price reached a monthly high before rejecting.
Price broke the channel before starting a downtrend.
Price hit "Possible area of retracement" to the pip before trying to break support and failing.
I see this area being touched again before another attempt to break the support level of 0.71600.
0.70000 remains a major support level but once this area breaks I expect price to reach 0.67500 long term.
Price reached a monthly high before rejecting.
Price broke the channel before starting a downtrend.
Price hit "Possible area of retracement" to the pip before trying to break support and failing.
I see this area being touched again before another attempt to break the support level of 0.71600.
0.70000 remains a major support level but once this area breaks I expect price to reach 0.67500 long term.