Written by :- Sahil Khan, Hitesh Devatwal and Ritika Saini
By analyzing the daily technical chart we can see that earlier pair was trading in the uptrend and now it is trading in the downtrend where it seems like bears are participating the role to complete the rounding top pattern since the starting of May month we have seen that bears are driving the car and taking the pair towards downside which is generating us bearish signal,
Well the way bears are reacting it seems like they are not going to stop in early stage and 105.50 level is seems as unfinished target. Odds are in favor of bears. Intraday bias remains bearish on the pair.A daily closing below 107.50 level will open the way towards south side i.e. 105.50 level in near term. Pair is making lower lows and lower highs and presently pair is trading below all major and minor EMA lines. A bearish crossover on the MACD indicator is generating bearish signal and RSI is also favoring the bears for the time being.
Some correction can’t be ruled out even short term trend is down so in a downtrend market sell on high will be profitable strategy. A bearish marabuzo candlestick has the created the chances of further weakness. The way bears are dominating the bulls it seems like they are approaching the 105.50 level initially and then 104.50 level in near term. The 106.50 is immediate support level followed by 105.50 level whereas 109.00 level is immediate resistance level followed by 109.50.