Classically speaking, the pair is still gradually approaching the main resistance for the downside wave that is preceded by the 20 MA over four-hour basis at 0.8170 and 0.8160 respectively. Stochastic is still signaling the possibility of testing those levels, while MACD is supporting the validity of the downside move. Therefore, we believe that the pair will start initiate a downside move following a slight upside correction. Our expectations remain valid with steady trading below the resistance for the downside wave.
The trading range for today is among the key support at 0.8000 and key resistance now at 0.8275.
The general trend over short term basis is to the downside targeting 0.7780 as far as areas of0.8965remain intact.
Support0.81000.80800.80600.80350.8000Resistance0.81700.82000.82300.82550.8275RecommendationBased on the charts and explanations above, our opinion is selling the pair around 0.8160 targeting 0.8060 and stop loss above 0.8235 might be appropriate.