General overview: the pair is forming potential rounding top as, pair creates the bearish momentum in the market. The market creates the sell signals in the moves towards the bearish momentum in the market. The pair makes the lower low in the market as the pair makes the selling signals in the market. The pair is testing the level of 0.7350 and makes the sell territory in the market, as the market forms the selling zone in the market. An additional signal supporting the growth can be a headed towards the lower body of the ascending channel. The pair is making the momentum towards the down side in the market and makes the potential downside in the system. The positional traders can go for selling side in the market.
Technical analysis: From, Technical point of view we can say that market makes its side towards the sell position in market. On the daily chart market creates the trend towards the sell side and after the breakout level market headed towards upside gain in the market. On the 4 hourly charts market is giving support of 200 SMA and 50 EMA in the market and towards more bearishness in market major and minor moving averages line are also above the pair and creates selling signals in the market. The market formed rounding top and expected to fall more 0.7325. The indicator RSI and MACD is also making selling opportunity in the market. The support level will be 0.7330 followed by 0.7280 and resistance will be 0.7420 followed 0.7460.
Trade idea : Our traders will move towards the sell side at level 0.7377 and target will be 0.7327 – 0.7280and stop loss will be 0.7450.
