The bearishness yesterday pushed the pair below 38.2% and also below the Exponential Moving Averages 20 and 50, which are trading negatively. Stochastic is turning negative, which suggests thatthe downside movement will extend, affected by the breach of the ascending channel's support mentioned yesterday. We recognized another harmonic pattern on the chart, which will be explained in our next midday report.
The trading range for today is among the major support at 1.0250 and the major resistance at 1.0690.
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 1.0560, and take profit in stages at (1.0340 and 1. 0250) and stop loss above 1.0560 might be appropriate|