The pair failed to form the descending triangle pattern mentioned in our previous report, while in the current time the pair returns to trade above the exponential moving average 20 and 50, where these signs are positive especially as consolidation above 0.9865 is seen. Stochastic attempts to enter overbought areas, while the pair is approaching a critical resistance, which should be closely watched before specifying the pair's trend. Therefore, we will stay neutral today awaiting more confirmations.
The trading range for today is among the major support at 0.9710 and the major resistance at 1.0125.
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 we remain neutral awaiting more confirmations|