Intraday bias remains bearish as long as resistance 0.8550 holds. It hits a low of 0.84746 and is currently trading around 0.84781.
Markets eye UoM consumer sentiment data and inflation expectations for further direction.
Technicals-
The pair is trading below 34 and 55 EMA in the 4-hour chart.
The near-term resistance is around 0.8500 any break above targets 0.8550/0.8590/0.8635.The bearish pattern from 0.92244 will get completed at 0.8375 if pair close above 0.8550. The immediate support is at 0.8450, any violation below will drag the pair to 0.8420/0.8400/0.8365 (61.% fib projection)/0.8340.
Indicator (4-hour chart)
CCI (14)- Bearish
CCI (50)- Neutral
Average directional movement Index - Neutral.Overall trend is bullish
It is good to sell on rallies around 0.85280-300 with SL around 0.8560 for a TP of 0.8405.
