The royal pair couldn't maintain levels above the key resistance levels of 0.8720 yesterday, where it started to move downwards. Actually, the obvious oversold sign appearing on the provided chart prevent us from changing our allover positive outlook, but as the pair approaches the most sensitive areas of 0.8605-161.8% Fibonacci level of XA leg for the harmonic formation. Thus; the outlook will be neutral as a breakout below it will be able to bring a panic sell-off move towards the key target of 0.8500-0.8480.
The trading range for today is among the key support at 0.8500 and key resistance now at 0.8760.
The general trend over short term basis is to the upside, targeting 0.9720 as far as areas of 0.8400 remain intact.
Support0.86050.85800.85300.85000.8480Resistance0.86600.87000.87200.87600.8820RecommendationBased on the charts and explanations above our opinion is, avoid trading until a clear sign appears to pinpoint the coming big move.