The pair broke the critical support zone of 1.11800 and then made a huge sell off.
Now it made a pullback to its bearish trendline which also coincides with the broken support.
The confluence of resistances are keeping it capped of any further bullish moves.
Also, the stochastic indicator has turned bearish by moving down from the overbought zone.
Hence, we expect the pair to turn bearish from here and move to the support levels of 1.11200.
Now it made a pullback to its bearish trendline which also coincides with the broken support.
The confluence of resistances are keeping it capped of any further bullish moves.
Also, the stochastic indicator has turned bearish by moving down from the overbought zone.
Hence, we expect the pair to turn bearish from here and move to the support levels of 1.11200.