PRICE FORCASTE: The pair is slumped towards its lowest level since early September at 1.2516 on Thursday and seems to have gone into a consolidation phase in the late American session. The pair is trading at 1.2516, down 0.63% on the day. The pair is showing that is falling with a continuing negative volatility and this trend may continue further.
PAIR VIEW: the pair is showing the technically negative momentum in the market .The bears is becoming aggressive in the market and expected the downfall ahead. As we can see in the H4 chart, the descending tendency continues . The shooting star pattern is being forming , which gives strong power to the bears. The bearish marabuzo is also forming which gives us double confirmation of the sell signals .The last hope of the sellers is 1.3000 support level below that level we can go for the fresh sell .
We can say history repeat itself so Technically we can say levels are made to be broken and the pair has been in downtrend in since mid of march so further declines can be assume . The RSI is also below the 50 level so it’s showing the strong bullishness sign and the MACD indicator is also below the zero line. The major EMA lines is below the SMA lines and forcing market market go follow the trend. Bears are showing their potential in the market as we can suggest from our analysis that sellers should go for selling in the market.
TRADE STRATEGY: Based on above discussion we can give sell BELOW 1.2516, target is 1.2450 and stop loss is 1.2500.
