On Wednesday the pair trades with a considerable price decline within the immediate support at 1.1187 and resistance at 1.1297. Yesterday’s trades closed with a firm bearish candlestick which indicates a trend change in favour of bears.
In a four-hour timeframe all exponential moving averages crossed downwards and descend. The MACD-histogram entered a negative zone and started to decline as well as the RSI. The oscillator Stochastic indicates that the currency pair is oversold which might mean the end of the correctional movement in the short run and growth recovery of this market.
In the short run if bears manage to fix below the strong support at 1.1131, they will breach the market to 1.0853-33. If bulls stay above the resistance at 1.1353, the pair might rise to 1.1415.