The pair returned to trade again around the previously breached ascending support level; however the movement is limited between 0.9910 from below and 0.9970 from above. Stability above 0.9970 could negate the intraday downside movement, and in result negating our weekly expectations in general. Stochastic is turning negative, which suggests another attempt for a downside movement. Stability above the Exponential Moving Averages 20 and 50 and above 0.9910 along with stability below 0.9970 drive us to remain neutral today.
The trading range for today is among the major support at 0.9710 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|