The recent bounces from second week of this month above 7DMA have now faced major resistance at 162.702 and rejected at this level.

As a result, the daily price has now slipped below 7DMA again, and simultaneously the intermediate buying momentum seems disappeared.

Currently, bulls are testing a support at 156.853 levels where the pair has remained in demand zone in the recent past, which is near current 21DMA flashes, if it breaks below we could foresee bears resuming to evidence further dips.

RSI & Stochastic oscillators on daily charts have been signaling selling pressures again by converging to these price dips.

MACD has remained below zero level which is a bearish territory.

On monthly plotting, the downtrend has already shown more than 50% Fibonacci retracements, so any minor spikes should not deemed as a reversals, instead use those rallies to deploy long term shorts.

Massive volumes build ups are in conformity to this declining trend.

MACD's bearish crossover, 21EMA crossover 7EMA and since the current prices on monthly charts have slid below EMAs we uphold the ongoing downtrend prevail further.

Trade tips:

On intraday speculative basis, we rely on stochastic and RSI and as they pop up with overbought pressures thus far.

Since the current volatility is on higher side, over 13.74%, so smart way to approach this pair is to deploy the option tunnel using ATM puts is structured as a binary version of a conventional put spread, i.e. long delta puts with higher strikes while writing the lower strikes for above mentioned targets on either side.

Alternatively, short term bears can stay short in mid month futures as well for targets upto 154.724 levels or below with stiff stop loss of 159.500 levels, thereby the risk reward ratio (RRR) would be around 1:1.