General overview: The bears are looking for downside extension and heading towards the south side movement. The bears are engaging themselves to keep themselves on a high priority basis and pressurize the market towards the sell-side. bears are now in the full aggressive mode and make the low volatility towards the selling side. The market makes its pressure towards the downside in the market. The bears are engaged towards the bearish case in the market. The market makes the lower side towards the weak side in the market. The monthly analysis shows that rounding bottom formation has been formed on the chart and now we can see the sell-side of the market. Bears are making a smooth movement towards the supply zone in the market. The pair keeps falling and expected to break the key support level. In weekly analysis bearish marabuzo formed as its will gives more confirmation towards the sell-side in market. From being forming major rounding bottom and the pair sets for its sell-side in market.
Technical analysis: From the technical point of view we can say that market makes the higher lows in the market as odds are in favor of the market. After reaching the major highs the market starts falling from its peak point and set for the selling side in the market. The pair is below the minor EMA lines and creates more bearishness in the market. On the 4 hourly charts also market makes the downside movement and we can also see death cross-over in the market. The rounding top is formed as breakout level is 116.23 from the level we can see a potential downfall. The intraday traders also move towards the sell-side by watching 15 and 30 mins charts. RSI also makes its potential side movement below 50 levels and creates the sell-side for the traders. The support will be 116.03 followed by 115.60 and resistance will be 116.83 followed by 117.20.
Trade idea: our traders will move towards the sell-side at level 116.40 and target will be 115.85-115.45 and stop loss will be 107.10.
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