The shooting star has been traced out at 1.0203 levels that evidence declines so far.
Amid this bearish journey, bears have managed to take us back to below zero levels again.
For now, the extension of these slumps seems more likely after the current prices sliding below DMAs and major supports
Most importantly, please be noted that the 21DMA crosses over 7DMA which is deemed to be a bearish crossover.
Both leading oscillators evidences the downward convergence to signal the strength in the downtrend.
RSI has been converging downwards below 42 levels.
While stochastic curves have also evidenced %D crossover which is bearish crossover even below 20 level which is the oversold territory.
While MACD also signals the same with bearish crossover, price dips to prolong further.
Hence, we advise staying short in mid-month futures contracts for the targets of another 90-100 pips, but maintain a strict stop loss of 0.9790 levels.
