The pair couldn't stabilize below the support of the rising wedge formation - we mentioned in our previous report- which shifted slightly to be at 0.8735, and this may push the pair to incline to test the 50 EMA around 0.8845 before resuming the expected intraday downside move today affected by the negative factors we already mentioned in our weekly report. Stochastic positivity support the current rebound while we have to take into consideration that breaching 0.8845 will threaten the expected scenario.
Trading range for the day is among the major support at 0.8615and the major resistance at 0.8890
The short term trend is to the downside targeting 1.0370 as long as 0.8165 remain intact.
|Recommendation||Based on the charts and explanations above our opinion is, selling the pair with hourly closing blow 0.8730 targeting 0.8615 and stop loss above 0.8790 may be appropriate.|