Written by Ritika Saini
By looking at the daily chart we can see that pair is heading south side and they have become too aggressive. The blood bath is going on and not giving any chance to bulls. Well bears are breaking every support level like a cake walk so from here no one will suggest to long the pair even we also mentioned in our previous report to short the pair at 1.4925 level and presently it is trading at 1.4792 which is fabulous move.
Pair is trading and sustaining below the moving average line. Earlier pair was trading and moving between the horizontal channel and last week it has given us downside breakout where bears taken the charge and holding with their hand. The bears are controlling the game and they are proactive at every level.
In the Fibonacci Indicator, market gets support of the 38.2% Fibonacci level and market tells that in the future it will be goes to the down side and have a sell situation for the marketers but afterwards it goes to the upside at the 0.38 level of Fibonacci retracement and market hides the future situation where the marketers have to be set and after this point market increases at the 1.5100 level and after it goes down and then up and creates a same second top at the level of 1.5200 and after that it creates a bottom of 1.4900 level and market goes volatile movement at the same level and in last previous days it creates a bottom of 1.4800.
In the chart we see that when market gets the break out of 1.4950 level and after that market predicts the perfect selling situation and it goes to the previous high levels of 1.4500 and also a second prediction of getting down to the level of 1.4300.In the chart, the RSI indicates that the market will be lie on the mid level of 50 and at present it seems to get the 30 level and RSI also indicates sell situation. By the help of MACD indicator, we see that in the previous levels the market lies on the ZERO line and after it goes down to the level. By applying MACD and RSI indicator it tells that the good selling situations in the future commodities.