Today, the pair is down another 1% on the day and trading at the lowest level since November 11, 2022.
Looking at the daily chart above, the price has also moved below a swing area between 0.60559 and 0.60844 (see red numbered circles and yellow area on the chart above). The swing area goes back to July 2022.
In November 2022, the price based against that swing area (see red numbered circles 4, 5 and 6) before moving to the February 2023 high.
Since February, the price has seen a step lower which formed a new ceiling between 0.6363 and 0.6389 (see green numbered circles on the chart above). The price moved up and down since February with a low near 0.60844 and the highs near 0.6389. The last 2 days has seen an acceleration to the downside and outside of the consolidation range seen since February (see red box in the chart above).
The pair is breaking lower. Sellers are taking more control
The next key target comes against the 50% midpoint of the move up from the 2022 low at 0.60242. Move below that level opens the door for further downside momentum.
Close risk will now be 0.60559 with additional risk at 0.60844. Sellers looking for more downside momentum on the break of the consolidation range, would not want the price to move back above the low swing area (red numbered circles).