By analyzing the daily technical chart from different time frames we can see that pair is dominating the bulls at every nook & corner and it is heading south side with full of bearish momentum. The pair made progress as it has provided us a valid rounding top price pattern. Overall pair is falling down from 1.5632 level which is itself a key resistance level. Pair slipped to 1.4938 level continuously and pair started to receive the further supply pressure from there which is almost 700 pips.
The current sell off is not limited it seems like bears have taken the charge and now they are ready for further sell off. It seems like bears are playing at front foot due to bearish rain and presently pair is trading and sustaining below the moving average lines which is supporting and providing strength to the bears. The way bears are reacting it looks like they are approaching the 1.4750 level in near term.
Yesterday’s bearish marabuzo candlestick is suggesting us that bears will move down further on the other side indicators are also suggesting us that 1.4750 is not far away from here. Well we may see the reaction of bears at strong supply zone. A daily closing below 1.4750 level will open the way towards the 1.4700 level.
Overall pair is sustaining below the moving average lines which is supporting the bearish sentiments.Odds are in favor of bears and intraday bias remains bearish on the pair as long as 0.5250 level remains intact. The RSI is also supporting the bears from negative territory and a bearish crossover has been occurred on the MACD indicator which is also generting bearish signal and strengthening the bears. The 1.5250 level is key resistance level followed by 1.5500 level whereas 1.4750 level is key support level follwed by 1.4600 level.