By time, we can see the descending resistance approaches the support, which represents 38.2% Fibonacci at 0.9780. However, the pair's movement is limited between these levels. Stochastic is within overbought areas, while the RSI is negative and stable below 50 points level. These technical factors drive us to expect that the bearish correctional movement of the bullish wave, which started from 0.9405, is still effective. Stability above 0.9910 should weaken our expectations, while consolidation above 0.9950 should negate our intraday expectations.
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 our opinion is selling the pair around 0.9880, and take profit in stages at (0.9770, 0.9710 and 0.9635) and stop loss with 4-hour closing above 0.9970 might be appropriate.|