The pair found difficulty in breaching the critical support mentioned yesterday at 0.9525 and rebounded to the upside to stabilize around the resistance for the main descending channel as shown above. We still have the possibility of a bullish pattern formation with the neckline at 0.9710 which might push the pair further to the upside, while the resistance from the SMA 50 will keep trading within the main bearish wave. Therefore, we need to observe trading between the critical support at 0.9525 and resistance at 0.9710 to determine the coming intraday move.
The trading range for today is among the major support at 0.9350 and the major resistance at 0.9845.
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 with hourly closing below 0.9525 targeting 0.9400 and stop loss above 0.9615 (OR) buy the pair with hourly closing above 0.9710 targeting 0.9845 and stop loss below 0.9610 might be appropriate|