The pair breached the support of the range bound and the 76.4% Fibonacci correction level at 0.8525, and this activated the expected bearish scenario. Therefore, we anticipate trading within the descending channel shown on image, targeting 0.8355. Trading back above 0.8525 may delay the awaited move.
The trading range for the day may be among the 0.8355 support and 0.8635 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 0.8525 targeting 0.8385 and stop loss with hourly closing above 0.8595 may be appropriate|