The pair failed at building a base above 0.8790, proving that bullish momentum was not enough to achieve stability above the neckline to insure the bullish technical pattern. From here, we expect a temporary intraday bearish trend in attempt to gain bullish momentum. The bearish trend that we expect for today, supported by major negative signs appearing on the RSI as it stabilizes below 50 points, alongside the pair also stabilizing below the MA 20; targeting the retest support for the ascending channel, shown in the image above, whereas the candlestick formation appearing on the four hour chart above support our expectations for today.
The trading range for today could be between support 0.8655 and the key resistance at 0.8865.
The general trend is to the upside as far as 0.8020 remains intact with targets at 1.0000 and 1.0400.
|Recommendation||Based on the charts and explanations above our opinion is selling the pair from 0.8770 targeting 0.8685 and stop loss above 0.8830, might be appropriate.|