The pair is fluctuating around the previously breached minor support level that has currently turned into resistance at 0.9920, while stochastic heads towards losing some positive momentum impeding the bearish wave from continuing, where the pair started from 1.0205. In overall, stability below the psychological barrier 1.0000, alongside the pressure offered by the MA 50 are all factors that make us expect a bearish intraday direction; key targets start at 0.9700. Note the importance of stability below 1.0000 in order to maintain chances of continuing these expectations.
The trading range for today is among the key support at 0.9600 and the key resistance at 1.0000.
The short term trend is to the upside as far as 1.0665 remains intact with targets at 0.9000.
|Recommendation||Based on the charts and explanations above our opinion is selling the pair around 0.9920 targeting 0.9700 and stop loss above 1.0020, might be appropriate.|