Overview:- By analyzing the daily technical chart we can see that earlier was heading north side and was making successively higher highs and higher lows where bulls were leading in the game and was playing at front foot. The pair has formed a rounding bottom pattern and completed successfully on the daily chart. In our previous report also we mentioned to buy the pair at 0.6450 for the target of 0.6550 level and 0.6700 level with the stop loss of 0.6400 and we are expecting that our readers must have made profit from this move.
Technical Analysis: – Well the current picture dipicts that bulls have completed their journey and arrived at 0.6732 level but then bulls lost the grip from the market and now heading to south side. Presently it is trading at 0.6606 it slipped more than 100 pips from there. Well the way bears are reacting it seems like they are approaching the 0.6500 level in near term. The 0.6500 level seems too impressive as most of the moving average lines are lying over there.
A bearish crossover on the MACD indicator is pushing the pair at downside and indicating that bears are leading in the game whereas RSI is also turning back to south side from overbought territory.
What Next:- Overall bears are playing at their front foot and leading in the game. The 0.6670 level is immediate key resistance level followed by 0.6730 level where as 0.6500 level can be considered as key support level followed by 0.6450 level. Odds are in favor of bulls and intraday to weekly bias remains bearish on the pair.
Trade idea:- Based on chart and studies above we would suggest our traders and investors that go for short around 0.6610-15 level for the target of 0.6550 and 0.6500 with stop loss of 0.6700 level.
