The royal pair couldn't pass over the key resistance level of 0.8830, where the bearish daily trend line met it and forced it to move downwards, supported by momentum indications. Now, we think that this negative action is to continue for the rest of the day, targeting to re-test the previous broken ceiling of consolidation areas. Therefore, we change the intraday basis to the downside , targeting 0.8680 areas, where the pair will gather the momentum it needs to breach the mentioned trend line.
The trading range is among the key support at 0.8615 and key resistance now at 0.8960.
The general trend is to the upside as far as 0.8020 area remains intact with targets at 1.0000 followed by 1.0400 levels.
|Recommendation||Based on the charts and explanations above our opinion is, selling the pair from 0.8780 targeting 0.8690 and stop loss above 0.8850 might be appropriate|