- February 21, 2022
- Posted by: cabana-admin
- Category: Market Insights
The pair follows the downside momentum in the market. The bears are riding in the market and makes the lower low swings in the market. On the daily chart we can see that market makes the bearishness in the market. The long side downtrend formation is been made on the chart. the volatility is towards the selling side towards the market. We can must see that bears are chooses to say for the long time in the market, although after the small support level the buyers can do buy on dips in the market.
On the 4 hourly chart we can see in the market that bears are showing their aggression in the market. after touching the pervious resistance level 0.6635 as the market is making the double top in the chart, so accordingly to the pattern the pair may fall to the level 0.6638 in the market. as the potential EMA and SMA is above the price level and supporting the market to fall , the technically indicator also supporting the market as the RSI shows us the situation of the oversold in the market which shows heavy force of the sellers as well as the Macd is below the zero level as confirming the trend in the market.
The traders can go for the sell 0.6634 in the market and tp will be 0.6600 and sl will be 0.6718 in the market.