After the pair reached levels close to the suggested target yesterday, it returned to descend and stabilize below 76.4% correction; while in the meantime main support was breach to the upside, seen on the image above. From here, we think today holds with it some bearish correction that targets retesting 1.0545; testing the 50% correction that comes alongside the MA 50 at 1.0490. Momentum indicators support our expectations for today.
The trading range for today is among the key support at 1.0370 and the key resistance at 1.0780.
The general trend is to the downside as far as 1.1870 remains intact with targets at 1.0000.
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|Recommendation||Based on the charts and explanations above our opinion is selling the pair from 1.0610 targeting 1.0490 and stop loss above 1.0690, might be appropriate.|