The pair is currently testing an important structural supply area while trading within an ascending channel.

Display area and psychological level:

The price is currently trading around the 0.7155 level, within the important horizontal supply zone between approximately 0.7130 and 0.7200.
This area has historically represented resistance for prices as prices staged repeated bearish rallies during February and March.
The 0.7200 psychological mark is the most important test of whether the bullish momentum can be sustained.

Price channel and trend analysis:

The pair has been trading within an ascending channel since the beginning of April.
In terms of current momentum, prices have recently bounced off the 50-period moving average (blue line) and the lower border of the channel, reflecting strong buying pressure.
Looking at the price structure, the formation of higher highs and lower highs crossing each other enhances the sustainability of this uptrend.

Technical indicators:

Simple Moving Average 50: The 50-period moving average is trending higher and is currently located near the 0.7111 level, providing dynamic support to the price.
Relative Strength Index: After pulling back from overbought levels in mid-April, the index now reads near 53.53, an area considered somewhat neutral.

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