Moving to the daily studies, we can see how the pair has been affected by the oversold signals from Keltner channel and Stochastic indicators. Thereby, we are witnessing a mild upside recovery but stability below 38.2% Fibonacci retracement of the entire downside wave from 1.4245 to 1.2625 and bellow 100-Day SMA encourages us to keep our bearish outlook intact over intraday basis. Of note, a break below 1.3080 will weaken the psychological level of 1.3000.
The trading range for today is among key support at 1.2975 and key resistance at 1.3320.
The general trend over short term basis is to the downside, targeting 1.1865 as far as areas of 1.3550 remain intact.
|Recommendation||Based on the charts and explanations above our opinion is, selling the pair below 1.3200 targeting 1.3005 and stop loss above 1.3330 might be appropriate.|