The pair continued fluctuating around the same sensitive levels since at the opening of the week after attempting to breach the pivotal support hinted yesterday at 1.3415. The huge negative divergence on Stochastic and OsMA indicators prevent us from suggesting more bullish actions. Meanwhile, stability is seen above 50% Fibonacci retracement of the entire downside move from 1.4245 to 1.2625 as seen on the provided daily chart. We remind you that the overbought case provided by moving above the upper line of Keltner channel -check yesterday's reports- remains under our technical microscope. Therefore, we will stay aside today until the pair presents an actionable technical set up to pinpoint the next move.
The trading range for today is among key support at 1.3250 and key resistance at 1.3700.
The general trend over short term basis is to the downsidetargeting 1.1865 as far as areas of 1.3550 remain intact.
|Recommendation||Based on the charts and explanations above our opinion is, staying aside until an actionable setup presents itself to pinpoint the upcoming big move.|