The pair fluctuates now around 50% Fibonacci correction -of the entire incline from 0.6534 to 0.9802- around 0.8170, while the pair is still limited within the descending channel shown above. Therefore, we expect a downside movement this week supported by SMA 50, targeting 0.8100 and then 0.8000 mainly. A breach of 0.8290 might weaken our expectations.
The trading range for this week is among the major support at 0.8000 and the major resistance at 0.8290.
The short-term trend is to the upside as far as 0.7785 remains intact, targeting 1.0370.
|Recommendation||Based on the chart and explanations above, our opinion is selling the pair around 0.8220, targeting 0.8100 and then 0.8000 and stop loss with 4-hour closing above 0.8290 might be appropriate|