Bearish Storm Brewing: Pair Trapped Below Key EMAs, Sell the Rally

Technical Analysis Points to Further Bullishness

The pair is trading below the 55-EMA,200-EMA, and 365-EMA on the 4-hour chart, indicating a bearish trend. The immediate resistance is at  0.7800; any break above targets  0.7865/0.7925/0.7965/0.8000/0.8040/0.8070/0.8090/0.8150/0.82180.

Support Levels and Potential Declines

On the downside, near-term support is around 0.7720; any violation below will drag the pair to 0.7648/0.7600.

Indicators (4-hour chart)

CCI (50) - Bearish

Directional Movement Index -  Bearish

Trading Strategy Recommendation

It is good to sell on rallies around 0.7865 with SL around 0.7925 for a TP of 0.7700/0.7655.