The pair inclined yesterday, negating our suggested head and shoulders pattern, but the pair is still stable below 1.0000, accompanied with Stochastic negative crossover, while the RSI is moving bearishly. We expect downside movement for today, while a breach of 0.9785-70 should support the trend.
The trading range for today is among the major support at 0.9635 and the major resistance at 1.0010.
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 0.9910 and take profit in stages at (0.9785, 0.9635) and stop loss with 4-hour closing above 1.0010 might be appropriate.|