Yesterday, the pair was stable above 1.0120 during the whole the session, but also below the Exponential Moving Averages 20 and 50. The relative Strength Index is trading below the 50-point level, while Stochastic attempts now to provide a positive crossover. Consolidation below 1.0120 supports the possibility of forming a bearish continuation pattern; however a breach of 1.0255 could lead to a bullish reversal pattern. All these factors together drive us to remain neutral, awaiting the pair to trade out of the mentioned range between 1.0120 and 1.0255.
The trading range for today is among the major support at 0.9970 and the major resistance at 1.0450
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|