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After two days of crazily spiked bulls seems to have given up the momentum from the last couple of trading sessions.
On intraday charts, the pair has formed back to back shooting star and hanging man patterns at 9.4498 and 9.4458 levels respectively to evidence more bearish collapse in intraday trend.
Most notably, the current prices have again gone below DMAs
Shooting star occurred at peaks of rallies, (at 9.4443) (see monthly charts).
This bearish pattern with huge volumes which means weakness could be measured at this juncture.
While at the same juncture RSI touched overbought region and began converging to the price declines.
Stochastic has been indecisive at this stage but with slightly bearish favour.
Same is the case with MACD which is quite indecisive but shows a little weakness to prevail further.
Monthly prices are hanging 7EMA, any push below would take it to 9.15 levels for sure.
