The pair inclined to negate the expected bearish wave mentioned in our weekly report; however, the pair didn't stabilize above 0.9970 to negate our expectations in general. Today, the pair is stable above 0.9910, after it reversed from the resistance level of the triangle formation, which turned into support at 0.9825 and 0.9780. Stochastic is currently within overbought areas, which prevent us from expecting an upside movement supported by the positivity seen on moving averages. Furthermore, consolidation below 0.9970 weakens the pair's positive momentum. Therefore, we remain neutral today to observe the pair's behavior around the critical levels of 0.9970-1.0010.
The trading range for this week is among the major support at 0.9770 and the major resistance at 1.0160
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|