Overview:-By analyzing the daily technical chart we can see that pair is falling down and heading south side. Bears are taking the control on the pair and playing at the front foot, the way bears are reacting it seems like they are approaching the 120.00 level. Recently it marked a low of 128.17 and then again bounced back to 127.20 level. Now it has turned back to 131.50 now it seems like bears will test the previous low of 128.17 level. As we can see that a pair of bearish marabuzo candlesticks has been posted on the chart which indicates us to sell the pair.
Technical Analysis:- From technical prospective we can see that a double top pattern has been formed which is providing us bearish signal pair is trading below all the major and minor EMA lines. Odds are in favor of bears. Intraday bias remains bearish on the pair. The MACD indicator is also favoring the bears and still providing us bearish crossover. RSI is providing bearish signal from negative territory.
Trade idea:- The present picture suggests us that sell at the current levels i.e. 128.90 for the target of 122.00 and 120.00 with the tight stop loss of 133.00 level
