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The currency pair declined sharply on board-based US dollar selling. It hits an intraday low of 0.87583 and is currently trading around 0.87717. The intraday bias appears to be bearish as long as the resistance 0.9000 holds.
Technical Analysis and Resistance Levels
The pair is trading below the 34-EMA and 55-EMA on the 4-hour chart indicating a bearish trend. The immediate resistance is at 0.8820 any break above targets 0.8850/0.8890/0.8940/0.9000/0.9035/0.9070/0.9100/0.9150/0.9200/0.92250/0.9275/0.9300.
Support Levels and Potential Declines
On the downside, near-term support is around 0.8720, any violation below will drag the pair to 0.8660/0.8600.
Bullish Indicators
CCI (50) - Bearish
Directional movement Index - Bearish
Trading Strategy Recommendation
It is good to sell on rallies around 0.881-20 with a stop-loss at 0.8850 for a TP of 0.8720.
