The pair settles above the support of the descending channel shown above, where a possible falling wedge may be developing and price is currently around the resistance of the formation at 0.8310, breaching this level will activate the pattern and may push the pair towards the main breached support of the main bullish trend which turns into resistance now at 0.8400-dashed red line-. Accordingly, we prefer staying aside now, and monitor trading around 0.8310 resistance and 0.8265 support.

The trading range for the day is expected among the key support at 0.8400 and the key resistance at 0.8170.

The short term trend is to the upside as far as 0.8165 remains intact with targets at 1.0370.

RecommendationBased on the charts and explanations above we recommend staying aside awaiting more confirmations