The pair failed to stabilize below 0.9760-80, but in fact rebounded to the upside. However, the pair is still stable below 23.6% Fibonacci correction at 0.9865 as shown on the chart, which suggests that negativity might return today. But, stochastic is biased to the upside, while the pair is trading positively. Therefore, stability below the mentioned support is required for our expectations to be confirmed.
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, targeting 0.9635 and stop loss with 4-hour closing above 0.9970 might be appropriate.|