The pair is attempting to breach the support of the range bound at 0.8660 supported by the 50 EMA. Accordingly, we expect a downside move for the rest of the day targeting mainly the support of the main descending channel at 0.8600, where we should monitor trading carefully at that point as breaching the channel will open the door toward more bearishness and 0.8530 level.
The expected trading range for the day is among the key support at 0.8590 and the key resistance at 0.8790.
The short term trend is to the upside so far as 0.8165 remains intact targeting 1.0370.
|Recommendation||Based on the charts and explanations above we recommend selling the pair around 0.8660 targeting 0.8600 and stop loss with hourly closing above 0.8690 may be appropriate|