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- The pair is under pressure this morning.
- While the trend remains bullish, we do note a potential short-term threat to this outlook.
- The sell-off yesterday from the day high resulted in a close near session lows confirming a "shooting star" candle pattern.
- This is a bearish development and a potential warning to bulls.
- Reinforcing the importance of this pattern is a phase of bearish divergence between price and momentum that has unfolded since Jul 27.
- This condition suggests gains are unsustainable and highlights the risk that a correction is likely to unfold.
- The next key support to watch is 1.1754, Aug 21 low. A break would reinforce a bearish threat and expose trendline support at 1.1697, drawn off the May 14 low.
- Bulls need a break above yesterday's high of 1.2011 to signal a resumption of the uptrend.