By analyzing the daily technical chart we can see that pair is falling down and heading south side it is trading within the downtrend and we may see a balanced demand & supply. Pair is in bearish pressure we may see a downtrend line is lying.
From technical prospective we can see that a rounding top pattern has been posted on the daily chart which is providing us bearish signal and the way bulls are reacting it seems like they are heading at 1.0800 level in near term.. Pair of bearish marabuzo candlesticks has been posted on the chart which indicates us to sell the pair.
Odds are in favor of bears. Intraday bias remains bearish on the pair. The MACD indicator is also favoring the bears and still providing us bearish crossover. RSI is providing bearish signal from negative territory. The 1.0970 level is immediate resistance level followed by 1.1050 whereas 1.0850 levels is strong key support level followed by 1.0800 level.
The present picture suggests us that sell at the current levels i.e. 1.0925 for the target of 1.0870 and 1.0820 with the tight stop loss of 1.0980 level and a valid breakout of the 1.1000 level will give us trend reversal signal and we may see buying but till as long as this levels remains intact go for short.
