The pair settled within a narrow range around 0.8780, where stochastic is gradually loosing upside momentum over daily basis. The 50 EMA continues to form a good resistance, and this supports our expectation for a breach of the ascending support of the rising wedge formation that we mentioned in our previous reports which resides now at 0.8745. The awaited breach will open the door for intraday bearishness for today targeting initially 0.8620. stability below 0.8845 is required for our expectations to be valid.
Trading range for the day is among the major support at 0.8615 and the major resistance at 0.8890.
The short term trend is to the upside targeting 1.0370, as long as 0.8165 remain intact.
|Recommendation||Based on the charts and explanations above we recommend selling the pair with hourly closing below 0.8745 targeting 0.8615 and stop loss above 0.8790 may be appropriate.|