Short-term bearish bias
Key levels: downside: 1.3080 / upside: 1.3180
The pair is seeing further weakness as buyers struggle to keep the pullback in check. 1.3050 around the 30-day moving average will be a key level to monitor and see whether the uptrend still has enough steam.
The mood has turned to the bearish side after the momentum breaking below the support at 1.3180. the bearish MA cross is a confirmation that sellers have taken control of the price action. An extended sell-off could drive the price to 1.3050. On the hourly chart, we can another bearish MA cross and both averages have acted as strong resistance to previous pullbacks. The RSI indicator is yet to penetrate the over-sold zone, and we can see more room on the downside.
1.3080 is the next support as the price drop accelerated. The upside risk would be a break above the resistance near 1.3180.