The pair has become highly volatile as we can see
that from last 10 consecutive sessions bears are leading and heading south
side. The massive bearish storm can be seen in the pair where only bears are
leading and playing at front foot. Well it seems like bears are dominating the
bulls at every nook and corner with strong bearish sentiments.
Presently pair is trading and sustaining below the
moving average lines and breached the strong support level on the daily chart
which generates further bearish signal and providing strength to the bears.
Three black crow patterns on the daily chart is
providing us bearish signal and a valid breakout of the key support level with
high volume indicates that bears are not going to stop in early phase and
further bearish sentiments are on the cards.
A daily
closing below 0.6750 level will open the way towards the 0.6700 and 0.6600
level in coming weeks. The short term trend is down and in a downtrend market
always sell on bounce will be profitable strategy even some correction can’t be
ruled out. Intraday bias remains
bearish on the pair as long as pair is sustaining below the breached downtrend
line.
The 0.6750 level is the key support level
followed by 0.6700 level where as 1.6950 level is the key resistance level
followed by 1.7000.The RSI and MACD
indicators are constructive for potential losses ahead in the coming sessions.
A bearish crossover on MACD indicator is favoring the bears and RSI is also
providing strength to the bears from negative territory.
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