With the opening of trading in Asia on Thursday, this currency pair has been trading downward with quotes remaining within the current support level at 1.1215 and resistance level at 1.1391, where the market chart progresses noticeably below the exponential moving averages with a period of 21 and 55 days, demonstrating the continuation of the downward trend of this market in the short term.
On the four-hour chart the moving averages continue to move downward, increasing the divergence, which speaks in favor of the downtrend in this market in the short term.
The technical picture also shows the advantage of the sellers, as the MACD histogram remains in the area just below its central line, and the indicator of the strength of the current movement RSI has fallen to below the 30 line, confirming the bearish direction of this market in the short term and oversold this trading instrument.
Thus, we intend to sell this trading instrument today.
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