Overview: By looking at the daily technical chart we can see that bears are set on sell side .The market is going to down side. The bears are taking the negative side at the market 1.2450. The pair is heading downside and making successively lower lows and lower highs. Presently the bears are leading in the market after breaking the key support level is 1.2421.
Technical Analysis: From technical prospective we can see that pair is trading and heading at south side as a downtrend line followed by an aggressive downtrend line. The way bears are reacting they are receiving the supply pressure from the major and minor EMA lines. So we will keep our bearish view on the pair and sell on rise will be profitable strategy. Odds are in favor of the bears and we will get the further bearishness in the pair .
The RSI is below the 50 levels which are favoring the bears A bearish crossover on MACD indicator is showing the weakness in the pair. The 1.2500 is key resistance level followed by 1.2550 whereas 1.2400 is key support level followed by 1.2350 level.
Trade idea: From the above statement we can conclude that sell at 1.2449 target at 1.2500and 1.2550 and sl -1.2400.
