The pair continued to move to the upside yesterday affected by the positivity on Stochastic, that started to lose the upside momentum and approaching overbought areas. We have signs of a minor descending channel on the chart, where its resistance stopped the upside move. Therefore,we expect the pair to reverse to the downside over intraday basis todaytargeting 0.9400 then 0.9325. Our expectations require stability below 0.9645.
The trading range for today is among the major support at 0.9325 and the major resistance at 0.9700.
The short term trend is to the downside as far as 1.0665 remains intact targeting 0.9000.
|Recommendation||Based on the charts and explanations above our opinion is selling the pair around 0.9580 targeting 0.9400 and stop loss above 0.9640 might be appropriate|