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 0.5860 level. Recently it marked a low of 0.5805 and then again bounced back to 0.5835 level. Now it has turned back to 0.5775 now it seems like bears will test the previous low of 1.9580 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 favour of bears. Intraday bias remains bearish on the pair. The MACD indicator is also favouring 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. 0.5860 for the target of 0.5820 and 0.5770 with the tight stop loss of 0.5880 level
