Intraday trend is bearish as long as resistance 90 holds. The pair halted its huge sell-off from previous week top 91.66. It hits a low of 87.61 yesterday and is currently trading around 87.97. An overall bearish trend is intact as long as resistance 91.80-92 holds.
Technicals-
The pair is trading below 34- and 55 EMA in the 4-hour chart.
The near-term resistance is around 88.60 (23.6% fib of 91.66 and 87.70), a breach above targets 89.32/89.61/90. The immediate support is at 87.60, any violation below will drag the pair to 86.70/86.27/85.
Indicator (4-hour chart)
CCI (14)- Bearish
CCI (50)- Bearish
Average directional movement Index- Bearish. All indicators confirm the bearish trend.
It is good to sell on rallies around 88.62-65 with SL around 89.80 for a TP of 86.30.
