The pair resumed the downside move yesterday reaching 0.8400 areas where it found good support to temporarily end the bearishness. In general, the breach of 0.8225 in addition to the downside pressure from the MA 50 support our expectations for an intraday downside move today while the positivity on Stochastic might cause some volatility and a slightly upside correctional bias.
The trading range for today is expected among the key support at 0.8325 and the key resistance at 0.8480.
The short term trend is to the upside as far as 0.8480 remains intact with targets at 1.0370.
|Recommendation||Based on the charts and explanations above our opinion is selling the pair around 0.8480 targeting 0.8355 and stop loss with four-hour closing above 0.8525 might be appropriate|