The pair's rebound yesterday was halted at 1.0000, where the pair is attempting to the downside again this morning; meanwhile, momentum indicators are gradually losing the bullish momentum. It seems like the recent break of the falling wedge pattern was a result of the current ranging-market; and thus we may continue to trade among this range between 1.0050 and 0.9850, where only a breach above 1.0050-1.0070 area shall confirm a sustained bullish move.
The trading range for the week is expected among the key support at 0.9850 resistance at 1.0150.
The short term trend is to the upside targeting 1.0650 with steady daily closing above 0.9900.
|Recommendation||Based on the charts and explanations above, we recommend selling the pair around 1.0025 targeting 0.9950 and 0.9860. stop loss above 1.0070.|