The pair broke the strong support at the level of 0.8800 on Friday. It made a low at 0.8878. The pair is trading in a descending pattern for more downward. During the Asia's trading session, the pair is trading at the level of 0.8795. More downside action is expected below 0.8770 towards 0.8648 and 0.8568.The pair is trading below all the short-term moving averages, resulting bearish view. In the hourly chart the RSI gives positive divergence, so we can expect some pullback from the current levels. On the intraday basis, 0.8778 is the strong support. 0.8770 acts as the trend decider level.
S1 0.8778 R1 0.88195
S2 0.8770 R2 0.88415
Bulls are back on track only above if the price trades above the level of 0.8980.
Panic below 0.8700, towards new lower levels.
