The general upside trend is sill valid, but reaching the suggested targets yesterday led a profit-taking wave, which forced the pair to trade below the exponential moving average 20 and attempt to breach the exponential moving average 50 along with a breach of the critical support of the intraday upside trend. Therefore, we expect the pair to enter a downside correction as long as the pair is stable below 1.0635.
The trading range for today is among the major support at 1.0350 and the major resistance at 1.0765.
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 below 1.0560, and take profit in stages at (1.0500 and 1.0400) and stop loss above 1.0635 might be appropriate|