Based on the indicators on the 1-hour chart, Relative Strength Index (RSI) is hovering around 40 and the price is below the 20, 50, and 100 Simple Moving Averages (SMA), indicating a downward trend phase.
If the price continues to decline and breaks below the support zone at 1.2590, there is a likelihood of a more significant downtrend in the near future.
Conversely, if the price shows signs of reversal and begins to recover, it is likely to encounter resistance around the level of 1.2640.
If the price continues to decline and breaks below the support zone at 1.2590, there is a likelihood of a more significant downtrend in the near future.
Conversely, if the price shows signs of reversal and begins to recover, it is likely to encounter resistance around the level of 1.2640.
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