The pair faced 1.0845 resistance, which is a conjunction of 76.4% correction and the resistance level for the descending channel, as seen on the chart above, in role that revived the pair’s downside strength to near 1.0715 support. We except a downside move over intraday basis today initially requires the breach of 1.0740 minor support and then setting a four-hour close below 1.0715 which will open the way towards further downside targets initially starting with 1.0600. Steady trading below 1.0845 is needed to preserve the expected bearish move for today.
The trading range for today is among the key support at 1.0425 and the key resistance at 1.0900.
The general trend is to the downside as far as 1.1870 remains intact with targets at 1.0300.
|Recommendation||Based on the charts and explanations above, our opinion is selling the pair with the breach of 1.0715 to 1.0625 and stop loss above 1.0795 might be appropriate|