The technical picture is bearish after the pair broke the key 1.1660 support level that held the downside since early August. Furthermore, the pair broke and accelerated its decline below its 100 DMA, standing below the indicator for the first time since last April. In the daily chart, the 20 SMA is aiming to cross below the longer one, while technical indicators head south almost vertically, now near oversold territory.
Shorter term and according to the 4 hours chart, the pair seems overstretched towards the downside, with technical indicators within extremely oversold territory, and the price far below its moving averages, favoring also a new leg lower, although an upward corrective movement can’t be dismissed. Still, as long as the price remains below the mentioned 1.1660 level, chances are towards a test of the 1.1460 region, a major resistance area between 2015 and 2017.