On the chart above, we notice that 61.8% Fibonacci correction -for the downside move form 0.9911 to 0.9562- stopped the upside rebound yesterday, noticing that the pair is currently below the MA 50. These factors drive us to suggest a breach of the upside channel's support at 0.9565 shown above, which will lead the pair to return to the general downside trend again. A breach of 0.9660 and consolidation above it may postpone the suggested scenario.
The trading range for today is among the major support at 0.9445 and the major resistance at 0.9770.
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 an hourly closing below 0.9565 targeting 0.9400 and stop loss above 0.9665 might be appropriate.|