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The currency pair is consolidating after forming a temporary bottom around 0.8950. It hit a low of 0.89528 and is currently trading around 0.89746. The intraday bias appears to be bearish as long as the resistance 0.9071 holds.
Technical Analysis and Resistance Levels
The pair is trading below the 34-EMA and 55-EMA on the 4-hour chart indicating a mixed trend. The immediate resistance is at 0.9070 any break above targets 0.9100/0.9150/0.9200/0.92250/0.9275/0.9030.
Support Levels and Potential Declines
On the downside, near-term support is around 0.8940, any violation below will drag the pair to 0.8890/0.8800.
Indicators
CCI (50) - Bearish
Directional movement Index - neutral
Trading Strategy Recommendation
It is good to sell on rallies around 0.9000 with a stop-loss at 0.9040 for a TP of 0.8940/0.8900.
