Overview:– By analyzing the daily chart of the pair we can see that pair is falling down with strong bearish momentum. Overall pair is making successively lower lows and lower highs and heading south side with clear bearish momentum. In our previous report we mentioned to sell around 1.9000 level for the target of 1.5600level with the tight stop loss of 1.9050 level., we are hoping that readers are minting profit at the moment.
Technical Analysis:–
From technical prospective we can see that a rounding top pattern has been completed like a cake walk as we have mentioned in our previous also report about this pattern. Overall bears are driving the car and heading south side it seems like bears are testing the depth of the river and they are dominating the bears at every level. The 1.8800 level is the support level and a valid breakout below this level will open the way towards the 1.8600 and 1.8500 level. Overall pair is trading below all the major and minor EMA lines which is providing weakness in the pair.
A bearish crossover on the MACD indicator with signal line and MACD line is also generating bullish signal. The RSI has turned down below 50 levels which is flashing the downside signal.
Trade idea:– Based on chart and studies above we can suggest to our readers that go for sell around 1.8700level for the target of 1.8600 level and 1.8500 with the tight stop loss of 1.9000 level.
