The pair has been consolidating in a narrow range for the past two days. Intraday bias remains bearish as long as resistance 0.8380 holds. It hit an intraday high of 0.82988 and is currently trading around 0.82942.
Technical Analysis
The pair is currently trading below the 34- and below 55-EMA on the 4-hour chart.
- Bearish Trend Confirmation: Any break below 0.8260 confirms an intraday bearish trend. A drop to 0.8220/0.8190 is likely.
- Near-Term Resistance: Current resistance is around 0.8300. Any violation above will push towards 0.8340/0.8380/ 0.8400/0.8450/0.8470/0.8500/0.8580. The bearish outlook would be invalidated only if the price goes above 0.8500.
Indicator Analysis (4-hour chart)
- CCI (50): Bearish
- Average Directional Movement Index: Neutral
Trading Recommendation
It is good to sell on rallies around 0.8300 with a stop loss around 0.8340 for a target price of 0.8220.
