The pair breached the support of the short term uptrend, printing a low yesterday at 0.8531. The level forms a good support that is preventing further weakness and momentum indicators are supporting the level as well. Accordingly, these factors may push the pair to retest the breached support which turns now into resistance at 0.8610 before resuming the expected intraday downside move for today targeting 0.8445, taking into consideration that breaching 0.8610 may delay the suggested decline.
The expected trading range for the week is among the key support at 0.8445 and the key resistance at 0.8610.
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 0.8610 targeting 0.8445 and stop loss with hourly closing above 0.8690 may be appropriate|