The pair reached the first target areas represented by the 23.6% Fibonacci correction at 0.9565 which turned into support after its breach. The oversold signs on Stochastic shows the possibility for an upside rebound, yet in general, we expect and intraday downside move supported by the pressure from the MA 50 and targeting 0.9445. The downside move requires the clear breach of 0.9565-55 and stability below 0.9665.
The trading range for today is among the major support at 0.9400 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 opinion is selling the pair with hourly closing below 0.9555 targeting 0.9400 and stop loss above 0.9645 might be appropriate|