June 19 , 2018
By looking at the daily chart we can see many whipsaws as bulls and bears were fighting with each other initially bulls were leading but now bears are domination the bulls and we can see a roller coaster ride in the pair. Last week pair was trading above the moving average but now scenario has changed pair is trading below all the major and minor EMA line as it’s hovering at 1 year’s fresh low.
The 0.7410 level which is recent swing’s low is strong support level but it seems like bulls are unable to found the support from this level and bears will go down further towards the 0.7327 level in short term.
From technical prospective we may observe that a downtrend channel has formed on the daily chart and pair is trading and moving along with this channel as successively lower lows and lower highs is being formed on the chart, the ways pair is behaving on the pairs it seems like the short term to medium term trend is down. Well Odds are in favor of bears and intraday bias remains bearish on pair as long as 0.7600 level remains intact.
Three black crow candlestick pattern i.e. three consecutive bearish marabuzo candlestick has been posted on the chart which are generating completely bearish signal. A bearish crossover on MACD indicator is favoring the bears and providing trend reversal signal for the time being and RSI is also providing bearish signal from below 50 territory. The 0.7600 level is immediate resistance level followed by 0.7700 whereas 0.7327 level is strong key support level followed by 0.7250 level.
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