Short term trend -Bearish
Reason for Weakness
1. In daily chart pattern formed -Hanging man.
2. It has broken the low of hanging man (120.60) and is trading around 120.27.
3. The pair has also broken trend line support 120.45 (trend line joining 118.05 and 119.60)
Short term bullishness can be seen only above 120.80 and break above targets 121.10/121.50
It is good to sell on rallies around 120.30-40 with SL around 120.81 for the TP of 119.60/119
Overall bullishness only above 121.50
Reason for Weakness
1. In daily chart pattern formed -Hanging man.
2. It has broken the low of hanging man (120.60) and is trading around 120.27.
3. The pair has also broken trend line support 120.45 (trend line joining 118.05 and 119.60)
Short term bullishness can be seen only above 120.80 and break above targets 121.10/121.50
It is good to sell on rallies around 120.30-40 with SL around 120.81 for the TP of 119.60/119
Overall bullishness only above 121.50