The pair is currently trading around the upside movement's main resistance at 1.0400, therefore reaching the reversal zone suggested yesterday. In fact, we haven't seen any 4-hour closing above this level, but on the other hand, the pair should return below 1.0350 in order to support the downside movement to return, while consolidation above 1.0400 could trigger another bullish wave. Therefore, we remain neutral today awaiting more confirmations.
The trading range for today is among the major support at 1.0125 and the major resistance at 1.0620.
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|