The negative bias was a result of the strong resistance from the 38.2% Fibonacci level, and currently the pair is attempting to breach the 50% level and trade back within the correctional bearish channel, this negativity is clearly seen on stochastic, therefore, we might witness some intraday bearishness for a possible test of the main support at 0.8625 , at that point we will assess the possible next move. Breaching 0.8725 and settling above it will open the door for the pair to resume the overall bullish trend.
The trading range for the week may be among the 0.8625 support and 0.8885 resistance.
The short term trend is to the upside targeting 1.0370 so long as 0.8165 remain intact.
|Recommendation||Based on the charts and explanations above we recommend selling the pair around 0.8725 targeting 0.8625 and stop loss with hourly closing above 0.8760 may be appropriate|