With the opening of trading in Asia on Monday, this currency pair is trading with a decrease in quotations, remaining within the current support level at 1.3411 and the resistance level at 1.3511, where the market chart progresses below exponential moving averages with a period of 21 and 55 days, demonstrating the advantage of sellers and the formation of a downward trend in this market in the short term.
On the four-hour chart, the moving averages slowed down and turned down, reducing the discrepancy, which indicates the strengthening of the bears' position in this market in the short term.
The technical picture also demonstrates the advantage of bears with the strengthening of the downward potential, as the MACD histogram entered the area below its central line, and the strength indicator of the current RSI movement dropped to the 40 line, confirming the potential for sales in this market in the short term.
Thus, we intend to sell this trading instrument today.