Overview:- By analyzing the daily technical chart we can see that after the tug of war bears got the charge and headed towards south side. Yesterday we have seen a bearish marabuzo candlestick which is providing us bearish signal, the yesterday’s downfall has cleared the picture and created the chances of further downfall 1.6770.
As we have mentioned earlier also that the pair is trading and sustaining between the narrow ranges of 1.6580 to 1.6850 level which indicates that breakout on either side will give us new buy or sell signal. If bulls able to give close above 1.6430 level then it will open the way towards the 1.6100 and 1.6000 is the extreme level which can be tested by bulls on contrary if bulls trades and sustain below the 1.2200 level then it will open the way towards 1.6000 level and furthermore, however there is high chances that we may see downside momentum.
Technical Analysis:- Pair is moving below the minor EMA lines (9,14 and 50) and candles are also providing us bearish signal. This week’s closing matters a lot. The bearish crossover on MACD indicator is still intact and providing us bearish signal RSI has turned down to below 50 level which is showing weakness in the pair. The primary trend is still bearish and secondary trend is also flashing sell signal after a correction.
STRONG SUPPORT :-1.6420
RESISTANCE:-1.6650
Trade idea:- Based on chart and studies above we can suggest that sell the pair below 1.6422 target is 1.6100 and 1.6000 sl is 1.6850 level.
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