After the pair surged into overbought territory, it began to exit that zone and reversed the upward movement that had lasted for a long period.
On the 4-hour timeframe, we find that the #price is currently trading below the #MA line, and a candle has closed below it, indicating further downside potential. This is the view of the #Forex_Trade_Time #analyst_team.
On the same timeframe, we observe that the RSI indicator has exited the overbought zone and dropped below the 70 level. This is another sign confirming the bearish movement.
As for the daily timeframe, we can see that the price experienced a strong upward push followed by a sharp decline influenced by political and economic data today. However, looking at the RSI indicator, we find that the #price has exited the overbought zone, and the indicator has dropped below the 70 level. This indicates that we may see further downside in the coming days.
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