The pair re-tested the broken cluster support levels of 0.8480 yesterday after our midday report was published. From these areas sharp declines started under the negative pressure of the negative closing below 38.2% Fibonacci of the rally from 0.6520 to the all-time high of 0.9806 and also below 61.8% of the last inclining wave from 76.93 to the aforesaid peak. Therefore, we hold onto the bearish anticipations over intraday basis, supported by Ribbons lines' crossover and the negative sign appearing on AROON indicator.
The trading range for today is among the key support at 0.8195 and key resistance now at 0.8420.
The general trend over short term basis is to the downside, targeting 0.7780 as far as areas of 0.8965 remain intact.
Support0.82750.82450.82100.81950.8160Resistance0.83050.83400.83800.84000.8420RecommendationBased on the charts and explanations above our opinion is, selling the pair from 0.8305 targeting 0.8210 and stop loss above 0.8380 might be appropriate.