Major downtrend seems still robust.
We had stated in our previous post that the breaches below crucial supports at 2.0054 and 1.9302 may expose towards 50% retracement.
As stated earlier, the pair has now created a new bearish environment as it is slipping consistently through 7DMA.
So, short term bears can consider 7DMA as resistance so as to make it the time to enter trades for shorts.
Bears can load weights in short as selling momentum is confirmed by leading oscillators.
You see the pair also clears the sloping channel base line that was acted as a baseline from last 6 months or so.
Please be noted that the current prices have slipped below 7 & 21DMAs but within lower BB that signals long term downtrend drag further. So one can very well understand every price jumps would easily be wiped off by selling interests.
On monthly plotting, the extensive evidences of bearish trend continuation after the evidence gravestone doji and hanging man patterns at around 2.1553 and 2.1607 levels on monthly charts that are highly bearish in nature as appeared at peaks of rallies.
Most importantly, it has convincingly broken 38.3% fibonacci retracements after rejecting peaks of 2.2372 levels, for now bears are probably taking these slumps to break 50% fibo levels (i.e. below 1.8372 levels) sooner or later hopefully in medium terms.
RSI on both daily and monthly are in convergence to the robust price declines, while %D crossover on slow stochastic still maintains even oversold territory that is one more signal for bearish momentum to continue in long run.
While no deviation from monthly MACD, the lagging indicator also confirms the downtrend continuation.
We had stated in our previous post that the breaches below crucial supports at 2.0054 and 1.9302 may expose towards 50% retracement.
As stated earlier, the pair has now created a new bearish environment as it is slipping consistently through 7DMA.
So, short term bears can consider 7DMA as resistance so as to make it the time to enter trades for shorts.
Bears can load weights in short as selling momentum is confirmed by leading oscillators.
You see the pair also clears the sloping channel base line that was acted as a baseline from last 6 months or so.
Please be noted that the current prices have slipped below 7 & 21DMAs but within lower BB that signals long term downtrend drag further. So one can very well understand every price jumps would easily be wiped off by selling interests.
On monthly plotting, the extensive evidences of bearish trend continuation after the evidence gravestone doji and hanging man patterns at around 2.1553 and 2.1607 levels on monthly charts that are highly bearish in nature as appeared at peaks of rallies.
Most importantly, it has convincingly broken 38.3% fibonacci retracements after rejecting peaks of 2.2372 levels, for now bears are probably taking these slumps to break 50% fibo levels (i.e. below 1.8372 levels) sooner or later hopefully in medium terms.
RSI on both daily and monthly are in convergence to the robust price declines, while %D crossover on slow stochastic still maintains even oversold territory that is one more signal for bearish momentum to continue in long run.
While no deviation from monthly MACD, the lagging indicator also confirms the downtrend continuation.
