First of all, the pair obeyed our suggest bullishness during this week flawlessly as we discussed in details in our weekly report, but we are presently facing a correctional case as we expect potential downside actions today, based on the following technical factors:
1-Facing the pivotal resistance areas of 0.8380-chek the weekly chart in the weekly report-.
2-Rising wedge shape has been formed on the four-hour interval
3-Negative crossover appeared on Stochastic.
4-RSI 14 is presently valued at 70.00-overbought areas-.
5-AROON upis moving downwards.
A break of 0.8350 is needed to confirm the breakout below the support level of the aforesaid wedge.
The trading range for today is among the key support at 0.8205 and key resistance now at 0.8500.
The general trend over short term basis is to the downside, targeting 0.7780 as far as areas of0.8965remain intact.
Support0.83550.83300.83150.82950.8255Resistance0.83800.84000.84200.84700.8500RecommendationBased on the charts and explanations above our opinion is, selling the pair with a breakout below 0.8350 targeting 0.8260 and stop loss above 0.8420 might be appropriate.