Price recently broke back below the 21 MA and lost the 0.0324 range support. That former range is now acting as resistance. The pair is currently sitting near the mid-to-lower portion of the channel, with immediate structure support around 0.0290.
Below current price, the major higher timeframe support sits at 0.0259. This level aligns with historical reaction and is the key level to watch.
If 0.0290 fails to hold, the market is likely to rotate into the 0.0259 demand zone. A loss of 0.0259 opens the path toward 0.0194, which is the next major structural support on the chart.
On the bullish side, reclaiming the 21 MA and breaking back above 0.0324 would be the first sign of strength, opening room toward 0.0354 and potentially the upper channel boundary.
Currently, structure remains bearish while price stays below the channel midline and 21 MA.
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