June 25 , 2018
By looking at the daily technical chart we can see that earlier pair was heading north side and an uptrend line was lying on the daily technical chart but due to geopolitical factors like interest rate hike by FED pair stop to move up and we have seen a steep downfall in the last week of the May 2018. Afterwards, bulls managed theirself and tried to took it upside but it failed and pair again slipped towards south side.
Presently pair is trading below the Exponential moving average lines it seems like hanging on the wall and it may fell down at anytime with strong bearish pressure. From technical prospective we can see that a double top pattern has been formed on the daily techical chart which indicates that pair will decline for sure.
.The recent candle is englufing candlestick pattern followed by bearish marabuzo candlestick which indicates that pair will move down. The way bears are reacting it seems like they are approaching the 107.50 level in short term.however, some correction can’t not be ruled out but that should be taken as selling opporutnity. Every rise on the pair should be converted as selling opportunity.
The situation is favourable for bears from other indicators and oscillators point of view. Odds are in favor of bears and intraday bias remains bearish on the pair as long as 111.40 level remains intact.
A bearish crossover on MACD indicator is supporting the bears and RSI is also travelling below 50 level which is favoring the bears from positive territory. The 107.50 is immediate support level followed by 107.00 level whereas 111.50 level is immediate resistance level followed by 112.50.
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