General Overview: from the last few days we can see that the pair has been swings n with lots of fallings in the market. Rallies at this point in time should continue to be selling opportunities. The currency pair is trading largely unchanged on the day near 109.96. Technical charts suggest scope for deeper declines. The charts showing its bearish side as the market mood is sour today. On the daily chart pair is forming its short downtrend the market is showing bearish pattern that marks up side support breaks level 110.00. The bears are going 109.36 level. The pair is also making its bearish uptrend pattern which provides an extension to an existing down swings trend, it’s initial strong direction move down.
Technical analysis: From the technical view of the chart we can see market is moving in downward which give us negative momentum of the market. The is making its higher lows and lower lows. On the 4 hourly chart the market forming lower swings which indicating market is falling. The EMA is rising faster than the SMA and showing bullish volatility the market. The EMA keeps supporting the bullish view which will remain valid and active unless the price rallied to breach 109.86 levels and hold above it. .
The RSI is below the 50 level showing bearishness in the market. The MACD indicator showing its strong bearish signals as it following the bearish momentum in the market.
Trade idea: Above conclusion we can say that bulls can enter in the level 10.9.86 target will be 109.20 , 108.40 and the stop will be 110.40.
