Intraday bias remains bearish as long as resistance 0.8500 holds. It hit a low of 0.84358 and is currently trading around 0.84423.
Markets eye the Empire State Manufacturing Index 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 is 0.8550/0.8590/0.8635. The bearish pattern from 0.92244 will be completed at 0.8375 if the pair closes above 0.8550. The immediate support is at 0.8440, 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)- Bearish
Average directional movement Index - Bearish. Overall trend is bearish
It is good to sell on rallies around 0.8487-88 with SL around 0.8550 for a TP of 0.8380.
