The pair strongly moved to the upside to touch the descending channel's resistance level around 1.0200, accompanied by momentum indicators moving within overbought areas and thereby maintaining yesterday's suggested scenario intact. Henceforth, we expect a bearish intraday direction that will start key targets around the psychological barrier 1.0000, but keep in mind the importance of the daily closing below 1.0200 in order to maintain chances of resuming this descend.
The trading range for today is among the key support at 0.9925 and the key resistance at 1.0285.
The short term trend is to the upside as far as 0.9925 remains intact with targets at 1.1485.
|Recommendation||Based on the charts and explanations above our opinion is selling the pair around 1.0200 targeting 1.0000 and stop loss below 1.0285, might be appropriate.|