07/03 Doenside Pressure

In our latest comment last week, we have emphasized the importance of 1.3540 resistance level and the downside move started before reaching that level till 1.3100′s yesterday.
Downside pressure still exists below 1.3230. Below, critical levels are 1.3100-1.3035 and 1.2970 respectively.
The markets are tired from upside moves as we have already seen 13.000 in Dow Jones and almost all the indices were overbought before the downward move.
For intraday 1.3180′s could give a very good opportunity to short.