The pair continues to trade negatively to settle below the main ascending channel shown on the image, while trading remain within the yellow shaded range bound. The support of the range coincide with 76.4% Fibonacci at 0.8525, which we think will be a level that will push the pair towards a retest of the previously breached support which turns now into resistance at 0.8645. In general, an intraday upside move is likely, where we should monitor trading carefully around 0.8645 and 0.8525.
The trading range for the day 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 buying the pair around 0.8525 targeting 0.8645 and stop loss below 0.8460 may be appropriate.|