The weekly prices slid below 7 & 21DMAs, attempting to break neckline supports 1.4670 with downward convergence by leading oscillators.
See for break below major support -1.4670 (neckline of double top).
On monthly charts, the pair retreats after the formation of shooting star at 1.5223 level.
See for more weakness upon rejection below resistance 1.6216 and break below imp. supports at 1.5457 and 1.48.
We see both short and long term trend as bearish as long as resistance 1.6216 holds.
For no, any breaches below 1.4670 would expose the pair to 1.4338 or even below levels.
We see convergence between RSI, stochastic and MACD with the ongoing price dips.
Massive volume build up during dipping price would be one more confirmation to the bearish trend.
Hence, on medium term basis, it is advisable to stay short on rallies for target upto 1.4338 with SL around 1.50.
On an intraday basis, option tunnels would be an appropriate ides as the trend drifting in sideways to bearish.
