The cliff, just mentioned, is composed of, namely the 200-day moving average where it meets the 23.6% Fibonacci retracement of the range since Aug 2019 as first support in the first instance ahead of the June lows and confluence of the 38.2% Fibonacci (range since Aug 2019) down at 74 the figure and 73.80. A great support barrier (since GFC 2009) that WILL be targetted on a catastrophic risk-off event will come in at the 61.8% Fibonacci (range since Aug 2019) between 72 the figure and 72.50.
While fundamentals could switch on a de-escalation of the threat of war, the technical picture on the long term charts (rising bearish wedge in a broader downtrend) should be troubling for committed bulls. On the other hand, there are still upside potentials within the pattern so long as the currency support holds. A bullish correction will open 76 the figure, 76.20 and 77.20/50 and the 21-month moving average as the summit of the rising wedge formation.