8.519 is our pivot point.
Our preference: the downside prevails as long as 8.519 is resistance.
Alternative scenario: the upside breakout of 8.519 , would call for 8.534 and 8.542.
Comment: the RSI is trading below 30. This could mean that either the pair is in a lasting downtrend or just oversold and that therefore a rebound could shape ( look for bullish divergence in this case). The MACD is negative and below its signal line. The configuration is negative. Moreover, the pair is trading under both its 20 and 50 MAs ( respectively at 8.5359 and 8.5688).
