Overview: from the last few days we can see that the pair has been falling down with lots of negativity 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 104.45. Technical charts suggests scope for deeper declines . The charts showing its bearish side as the market mood is sour today . The technically bearish in the near term, as it is trading near its monthly low at 109.77. On the daily chart pair is forming its triple bottom in the market is showing bearish pattern that marks down side support breaks level 110.00.
Technical prediction: From the technical view of the chart we can see market is moving in downward which gives us negative momentum of the market .The is making its higher lows and lower lows . On the 4 hourly chart the market forming bearish marabuzo which indicating market is falling. The EMA is falling faster than the SMA and showing bearish volatility the market .the EMA keeps supporting the bearish view which will remain valid and active unless the price rallied to breach 109.41 level and hold above it. The expected support is 109.00 followed by 108.50 and the resistance is 110.20 followed by 110.70.
The RSI is below the 50 level showing bearishness in the market at the 33.58 level . The MACD indicator showing its strong bearish signals as it following the bearish momentum in the market.
Trade idea : from all the above conclusion we can say that bears can enter in the level 109.77 target will be 109.17 ,108.70 and the stop will be 110.80.
