The pair has failed to hold onto the crucial resistance at around 87.723 levels which the pair has already tested as resistance earlier several times in the past and collapsed.
We reckon that it was unable to breach that level authoritatively, as a result more weakness is seen in this pair at current level.
The current prices have fallen way below 21DMA on and headed towards south.
More notably, leading oscillators like and slow curves began showing divergence to the previous uptrend rallies; so we believe this as bears are getting active.
is currently trending at around 46.5849 that is likely to show downward convergence to the price dips from here onwards.
In addition to that crossover on curve has been maintaining from 80s amid abrupt bulls interruption in between which is signifying again more retracement is likely and it gives us one more reliable indication that the pair is likely to retest strong support levels as mentioned below.
Thus, as it failed to hold the above stated , it would determine the next downward direction of trend.
The next crucial support is only at around 86.410 87.575 and 84.444 region on weekly chart.