After a breach of baseline of , the pair has shown their effects.
On a monthly plotting, volumes on declining pace are mammoth, the massive build up on every price slump would confirm us the ongoing is mightier than short-term upswings.
Subsequently, even on despite some indications, we don't think the rally has the strength as it is traced out back to back patterns such as shooting stars, and gravestone to test strong resistance levels at 1.0683.
The gravestone has been usually forms on uptrend which is an extremely helpful for traders visually see where resistance is likely located.
We can see safe zone only above these levels as the prices could not sustain these levels several times in the recent past and have dropped way below 21DMA.
More significantly, prevailing bear run is so robust as the prices have again fallen below 21DMA on monthly charts with confirmation.
on weekly is currently trending near 44.9561, while an attempt of %D crossover which is on slow at 50 levels that signifies selling momentum may resume at any point in time.
Trade recommendation: The diagonal strips should be best suitable in current price behavior to take care of upswings in short term and long term downswings.