With the opening of trading in Asia on Wednesday, this currency pair is trading with a decrease in quotations, remaining within the current support level at 1.3734 and the resistance level at 1.3884, where the market chart progresses below the exponential moving averages with a period of 21 and 55 days, demonstrating the loss of initiative by the bulls and the emergence of a downtrend in this market in the short term.
On the four-hour chart, the moving averages are turning down, maintaining the divergence, which indicates in favor of strengthening the downtrend in the short term.
The technical picture also demonstrates the sellers' advantage, since the MACD histogram entered the area below its central line, and the strength indicator of the current RSI movement fell below the 50 line, confirming the downward potential of this market in the short term.
Thus, we intend to sell this trading instrument today.