Overview:– The pair has become has more convincing to sell once again as we can see that a steep downfall followed by a pull back, all this set up is just for short the pair as we know that in the downtrend market sell on high will be profitable strategy. A massive bearish storm on the daily chart indicates that bears are leading in the game and playing at their front foot. The bears are dominating the bears at every nook and corner, and the hope for further bearish sentiments is increasing by leaps and bounds.
Technical Analysis:- From technical prospective we can see that pair is heading towards south side with the formation of three consecutive bearish candlestick price pattern first one is bearish marabuzo and next two are seems as shooting star and it’s a very strong bearish pattern. The way bears are reacting it seems like they are again leading in the game and heading to 1.7570 level which is a strong support level. An intermediate downtrend line is still valid on the daily chart which indicates that bears are falling down to retest this mentioned down side levels. Overall pair is trading below all the major and minor EMA lines.
A bearish crossover on the MACD crossover is verifying this downside move and RSI is also falling down below 50 level which is providing us bearish signal.
Trade idea:- Based on chart and studies above we can suggest that sell below 1.7570 target is 1.7450 and 1.7350 with the tight stop loss of 1.7700.
