Overview: By looking at the 4 hourly charts The pair extends pulled back from level 1.1756. We can see that the sellers are showing their potential in the market. The market is showing downside momentum in the market, the market is forming the downtrend line, The swings are making the successively lower lows and lower highs. The bears are making the negative momentum in the market at the level 1.1756. Currently, the pair trading below major and minor EMA lines and outlook insists us to have a bearish view. The day range is between 1.1650-1.1760
Technical Analysis: – From a technical perspective, we can see that the current bounce in the pair is nothing but another opportunity to sell the pair. A pair has tested the 200 SMA line on the hourly chart which is providing us supply pressure.
a downtrend line has been posted on the chart which is providing us a bearish signal and a short-term uptrend line has been breached out which is signaling that bears are still holding the grip and not ready to give up. The bears have become aggressive in the market, so It’s better to sit at the sell-side. Presently the market is falling at breaking the support level 1.1707 level. So, we keep our eye on the bearish view and set on the sell-side in the market. Odds are in favor of the bears further and we will get the further bearishness in these pairs. We will keep our view bearish on the pair as long as the 1.1800 level remains intact.
The RSI is below the 50 levels which is favoring the bears. A bearish crossover on MACD indicator is showing the weakness in the pair. The 1.1765 is a key resistance level followed by 1.1800. The 1.1700 level is a key support level followed by 1.1630 level.
Trade idea: Based on the chart and studies above we would suggest that go for sell at 1.1770-80 target is 1.1700 and 1.1610 stop loss at 1.1840.
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