The bearish structure is affecting the pair more, where yesterday, the pair retested 0.9865; however, this critical resistance forced the pair to decline. Today, breaching 0.9780 should reflect strong effect, where 4-hour closing below this level should complete our suggested bearish technical pattern, and could cause a downside movement to retest 0.9710 and maybe 0.9635. 4-hour closing above 0.9865 is sufficient to negate our negative expectations.
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 below 0.9850 and targeting 0.9635 and stop loss with 4-hour closing above 0.9970 might be appropriate.|