The currency pair continued its downside momentum and almost reached support at 1.0277. Prices are now below 50 and 100 SMA increasing chances for lower levels, in addition support at 1.0242 represents the neckline of a swing reversal in the longer term trend.
Looking at the oscillators, Stochastic has entered in the oversold zone suggesting the upside correction is imminent. Although, MACD is negative and Average Directional Index indicates that downtrend prevails.
Therefore we would expect bearish momentum to continue in the immediate term but we consider the support at 1.0242 would hold any attempt to dip lower.