The suggested bullishness was also activated yesterday, taking the royal pair to touch the initial resistance between of 0.8380-0.8400. Presently, potential downside correction might occur over intraday basis, based on the classical reversal pattern appearing on the four-hour chart. A break of 0.8335 is needed to confirm this bearish probability as this level acts a duplicated role as it is 23.6% Fibonacci for the upside rally from 0.8066 to 0.8420 and also could be the neckline of the proposed classical pattern. Stochastic supports our speculations.
The trading range for today is among the key support at 0.8180 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.
Support0.83350.82950.82550.82050.8180Resistance0.83600.84000.84200.84600.8500RecommendationBased on the charts and explanations above our opinion is, selling the pair with a breakout below 0.8335 targeting 0.8440 and stop loss above 0.8410 might be appropriate.