June 25 , 2018
By looking at the daily chart we can see that bears are driving the car and seating at the front seat. The way bears are reacting it seems like they are checking the depth of the pair as we can see the sharp downfall in the pair. The blood bath is going on and there is no chance for buyer to have any position however, we can see a bid blue candlesticks which are the indication of profit booking for sellers.
The last week end up with a bullish candlestick as traders & investors must have booked their profit and it was posted on the strong key support level. A valid breakout of this support level will open the way towards the 1.1320 and 1.1210 level in short term. Traders and investors are advised to have short position on the pair as long as 1.1850 level remains intact and we will keep our bias as bearish on the pair as long as mentioned level remains intact as odds are in favor of bears.
The short term to intermediate term trend is down so in a downtrend market always sell on rise would be profitable strategy. A bearish crossover on MACD indicator is favoring the bears and providing us bearish signal for the time being. On contrary RSI arrived in the oversold zone which indicates a bid bounce back from the bull’s side, well there is nothing to be worried that bounce should be considered as fresh sell position. . The 1.1850 level is immediate resistance level followed by 1.2000 whereas 1.1430 level is strong key support level followed by 1.1300 level.
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