With the opening of trading in Asia on Thursday, this currency pair is trading with a decrease in quotes, remaining within the current support level at 1.3734 and the resistance level at 1.3834, where the market chart progresses below the exponential moving averages with a period of 21 and 55 days, demonstrating the transition of the initiative to the bear camp and the potential for a downtrend in this market in the short term.
On the four-hour chart, the moving averages continue to move down, accelerated, reducing the divergence and forming a sell signal, which indicates in favor of strengthening the downtrend in the short term.
The technical picture also demonstrates the sellers' advantage, since the MACD histogram remains in the area below its central line, and the strength indicator of the current RSI movement has fallen below the 40 line, which confirms the bearish potential of this market in the short term.
Thus, we intend to sell this trading instrument today.