Intraday trend – Bearish
Major intraday support– 1.080
The pair lost its shine and held below 1.1000 on board-based US dollar buying. Russia will face more sanctions from the west after the killing of civilians in Bucha. It has increased the demand for Safe-haven assets.
The pair hits a low of 1.09604 yesterday and is currently trading around 1.09820.
US Factory orders' dropped to -0.5% in Feb, the first time in 10 months. Markets eye US ISM services PMI for further direction.
Technical-
Any breach below 1.09400 confirms a bearish continuation, a dip to 1.0900/1.0770/1.0300 is possible.
The immediate resistance to be watched is 1.1000 any violation above will take the pair to 1.1050/1.1100/1.1150.
Indicators ( 4-hour)
Directional movement index –Bearish
CCI (50) – Bearish
It is good to sell on rallies around 1.1000 with SL around 1.1050 for a TP of 1.0300.
