The pair rallied yesterday and price pushed to trade back among the upside biased channel shown on image. However, stochastic enters overbought area now, meanwhile the 50-exponential moving average forms a resistance at the current levels. Stability below 1.0000 keeps the possibilities of resuming the bearish direction intact. Taking into consideration that breaking above 1.0030 shall weaken the scenario, while breaking 1.0060-1.0070 shall invalidate it.
The trading range for today is expected among the key support at 0.9815 and resistance at 1.0100.
The short term trend is to the upside targeting 1.0650 with steady weekly closing above 0.9900.
|Recommendation||Based on the charts and explanations above, our opinion is selling the pair around 0.9960, and take profit in stages at (0.9840 and 0.9785) and stop loss above 1.0030 might be appropriate|