The recovery was limited at the middle line of Keltner channel as seen on the provided daily graph and the pair is currently hovering around 38.2% Fibonacci retracement of the entire downside wave from 1.4245 to 1.2625 zones. We are not completely sure whether the closing above 100-Day SMA and the positive sign on Stochastic can push the pair higher or not since it showed bearish tendency during the Asian session. In result, we prefer staying aside; noting that, a break below 1.3200 will bring further losses.
The trading range for today is among key support at 1.3005 and key resistance at 1.3455.
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, staying aside until an actionable setup presents itself to pinpoint the upcoming big move.|