From past couple of weeks we are witnessing that pair is
heading south side and seems like bears are taking the charge. The failur of
rounding bottom pattern which is providing us bearish singal. In the last week it has
given us valid breakout of downtrend line and it was heading north side with
the formation of potential rounding bottom pattern but all in vain when pair
turned down to south side after making the high of 0.6890 level.
Well the way bears have snatched the bite from
bull’s mouth it seems like they are approaching the 0.6500 level and we will
get further bearish confirmation below the 0.6600 level in near term. Present
picutre indicates that two consecutive bearish marabuzo candlesticks which are
providing us bearish signal. A daily closing below the 0.6600 level will open
the way towards the 0.6500 and 0.6400.
In our previous report also we
mentioned to long the pair from 0.6500 level and our target was 0.6750 level
which has been achieved successfully so we are expecting that our readers must
have made profit from this move. We will keep our bias bearish on the pair as
long as 0.6800 level remains intact. On contrary a strong bullish move above 0.6800
level will only change the view from bearish to bullish and then we should
change our side.
Candles are turned down and
sustaining below the major and minor EMA lines. Odds are in favor of bears and
intraday bias remains b on the bearish on pair as long as 0.6800 level remains
intact.The 0.6750 level can be considered as strong key resistance level followed
by 0.6800 level whereas 0.6500 level can be considered as strong key support
level followed by 0.6400 level. A bearish crossover has been occurred on the
MACD indicator which is a recent
development on the chart and it is also generting bearish signal and
strengthening the bears and RSI is also supporting the bears from negative
territory.
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