Upside in the pair capped below 5-DMA, the pair is resuming downside after failing at session highs at 700.
Technical studies support downside in the pair. 5 and 20 DMA are sharply lower.
Stochs and show momentum and is deeply in negative territory.
We see scope for test of 78.6% Fibo at 546 levels. Violation there could see further downside.
Retrace and close above 100-DMA invalidates bias. Scope then for test of 20-DMA at 809.
Support levels - 605 (lower BB), 600 (Nov 29 low), 546 (78.6% Fib retrace of 252 to 1625 rally)
Resistance levels - 713 (5-DMA), 776 (61.8% Fib), 809 ( 20-DMA )
Good to go short on rallies around 655/ 680, SL: 740, TP: 620/ 600/ 550