The pair declined sharply yesterday to breach the pivotal support levels starting from the 50 EMA and the retest level of the previously breached correctional channel in addition to the support of the main ascending channel, all illustrated on chart. In general, trading remain within the yellow shaded range bound which may be the last chance for the pair to resume the overall bullish trend supported by the 76.4% Fibonacci level which halted two previous downside attempts. In general, we prefer staying aside and monitor trading around the critical and key levels at 0.8525 support and 0.8645 resistance.
The trading range for the week may be among the 0.8525 support and 0.8720 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 staying aside awaiting more confirmations for the next move.|