Aug 2 , 2018
By looking at the daily chart we can see that earlier pair was trading and moving in uptrend and was making successively higher highs and higher lows on daily basis but after arriving near 1.5860 the demand of pair was over but still it did not decline and holding the nearby region since 26 June 2018. From technical prospective we can see that the present set up has been made up for rounding top pattern where it just need a flow of news to crack down. A small downfall below 1.5700 level will push it further downside and bearish storm may come below that level.
From past couple of weeks we are witnessing many choppy sessions where both bulls and bears are fighting with each other but no one is in winning position due to that traders are unable to trade the pair and waiting for right time to enter in the market.It pair trades and settle below 1.5700 level then it will open the way towards the 1.5500 level in short term.
Overall pair has traped and trading on the moving average lines which is unable to provide any sign for the time being. Odds are in favor of bears and intraday bias remains neutral to bearish on the pair as long as 1.5880 level remains intact.
A bearish crossover on MACD has come already which is supporting the bears and RSI is also favoring the bears from negative territory. The 1.5500 is immediate support level followed by 1.5400 level whereas 1.5880 level is immediate resistance level followed by 1.6000.
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