PAIR UPDATE:
The pair turned bearish after piercing the 113.50 threshold, head now to 113.00. The pairs is making daily lows, firmly stays bearish being oversold in the near term. The next target bears could follow 113.00 level in the coming days .the downside potential could be prevail in the market .The bears are forcing the market to fall downward side .The market is showing its extremely oversold position in the on the 1 hourly chart held traders held traders from placing afresh bearish bets and limit any further losses, At least for the time being . The pair is technically making the deeper declines according to market .the current market position is 113.64.
Technical concept:
From the technical perspective we can see on the 4 hourly chart the market is forming the downtrend swings, as the market is forming trend in the downward side bearishness for the longer term will created in the market. The shooting star, bearish candle stick is also forming which signify reversal pattern presaging a falling price. The pair is trading below major EMA lines provide bearish signals .
A bearish crossover on the MACD indicator is generating bearish signals the lines are below the zero lines and RSI is also favoring the bears for the time being .presently the pair is below all the major and minor EMA lines which is providing the strength to the bears. The support level 113.58 followed by 103.08 and resistance followed by 114.00 followed by 114.50. Odds are in favor of the bears.
Trade idea : Based on the chart and studies above we would recommended that one should go for sell around level 113.61 Target will be 113.00 and stop loss will be 114.00.
