The pair has formed a bearish technical structure and also breached the ascending critical support as shown above in Green. This breach below the psychological level at 1.0000 supported the pair to form the bearish structure (a possible head and shoulders pattern) where this pattern could force the pair to reverse to the downside towards 38.2% Fibonacci correction at 0.9790, while a breach of this level could extend the downside movement.
The trading range for today is among the major support at 0.9715 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, we recommend selling the pair around 0.9840, targeting 0.9715, and stop loss with 4-hour closing below 0.9950 might be appropriate today.|