The pair is stable below EMA 50, accompanied with the negative crossover seen on Stochastic. RSI is still stable below the 50-point level. But as the same time, the pair is above the ascending main support of the ascending minor channel at 0.8320. A breach of the mentioned level could support the downside movement to extend this week, where breaching this level could transform the channel into a bearish continuation structure.
The trading range for this week is among the major support at 0.8100 and the major resistance at 0.8550.
The short-term trend is to the upside as far as 0.8170 remains intact, targeting 1.0370.
|Recommendation||Based on the chart and explanations above, our opinion is selling the pair with 4-hour closing 0.8320, targeting 0.8170 and stop loss above 0.8385 might be appropriate.|