The pair traded yesterday in sideway range around 38.2% Fibonacci level, forcing Stochastic to turn negative and then it providednegative crossover today. The downside correctional movementsare still available, while reaching 50% or maybe 61.8% Fibonacci at 0.9710 and 0.9635 respectively is still possible. Consolidation belowEMA 20 and 50 and below the main resistance at 0.9865 support our expectations.
The trading range for today is among the major support at 0.9635 and the major resistance at 0.9970
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 0.9780, and take profit in stages at (0.9710 and 0.9635) and stop loss with 4-hour closing above 0.9865 might be appropriate|