Overview:-Pair is doing so good and making successively lower highs and lower lows. Bears are breaking all the resistances and heading to downside with a complete bearish momentum. Overall pair is trading and moving below the moving average lines which is providing bearish signal. The first phase of bears has started from 1.1776. Pair is trading and moving towards south side and sustaining below all the major and minor EMA lines. The short term to intermediate term trend is down so in an downtrend market just sell on high and covert every rise as a selling opportunity. A bearish crossover of MACD indicator is providing us bearish signal and the RSI indicator is also providing us bearish signal. Odds are in favor of bears and intraday bias remains bearish on the pair as long as 1.1770 level remains intact. The 1.1670 and 1.1620 are the soft target of bears which may be achieved at any time.
Technically: – An uptrend line has been breached out and a downtrend line also lying on the chart which is providing us bearish signal. Odds are in favor of bears and daily to weekly bias remains bearish on the pair as long as 1.1700 levels remains intact on a closing basis.
A death crossover on the moving average lines is providing us bearish signal on 4 hourly chart. The short-term trend to intermediate term trend is down so in an downtrend market sell on highs will be profitable strategy. Well bears are already taking up the charge and they will get more aggressive below the 1.1776.
Trade idea:-Traders and investors are advised to sell the pair at 1.1777 level for the target of 1.17000 and 1.1660 level with the tight stop loss of 1.1850 on hourly closing basis.
