The pair's attempts to turn positive have failed, and is currently trading around 38.2% Fibonacci correction at 0.9780, while the exponential moving averages 20 and 50 arepressuring the pair bearishly,. Thus, potential downside actions could be seen asstability remainsbelow 0.9865, offring a negative sign, as we mentioned before. We expect a downside movement to control the pair's movement today as long as the pair is stable below this critical level, which represents the descending triangle's resistance.
The trading range for today is among the major support at 0.9545 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.|