After reaching the high of 137.51 in early February
2018, this cross pair has gone downwards by more than 770 pips, and this month
has also been started on a bearish note. There has been slow but steady bearish
movement in the market, as price goes below the supply zone at 130.00. The
demand zone at 129.50 has been tested and it would be tested again. It may even
be breached to the upside.
The EMA 11 is below the EMA 56, and the RSI period
14 is far below the level 50. More and more demand zones are expected to be breached
to the downside. Long trades are not recommended now.