Overview: By looking at the 4 hourly chart we can see that sellers are showing their potential in the market . The market is showing down side momentum in the market . From the technical prospective, the market is forming a downtrend line , The swings are making successively lower lows and lower highs. The bears are making negative momentum in the market at the level 0.7349. Currently pair is trading below the major and minor EMA lines and the outlook insists us to have bearish view now.
Technical analysis: From technical prospective we can see that a short term uptrend line has been breached out which is providing us bearish signal. Pair is trading below all the major and minor EMA lines. The bears are become aggressive in the market, so, It’s better to sit at the sell side. Presently the market is falling at breaking the support level 0.7327 level. So, we keep our eye on the bearish view and set on the sell side in the market. Odds are in favor of the bears further and we will get the further bearishness in this pairs.
The RSI is below the 50 levels which is favoring the bears. A bearish crossover on MACD indicator is showing the weakness in the pair. The 0.7359 is key resistance level followed by 0.7400. The 0.7327 level is a key support level followed by 0.7280 level.
Trade idea: Based on the chart and studies above we would suggest that go for sell at 0.7343 target is 0.7300 and 0.7400 level.
