The pair has re-tested the initial support level around 1.3055-50% Fibonacci retracement of the upside wave from 1.2625 to 1.3485- where it rebounded once more towards 38.2% level. It is still trapped between SMA 50and SMA 100 struggling around the resistance of the descending channel. Due to these technical factor, the direction becomes unclear forcing us to stay aside today. A break below 1.3080 will bring the bigger bearish picture back into focus; whilst taking SMA 50 with a daily closing will bring additional gains.
The trading range for today is among key support at 1.2930 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 areas 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.|