The pair was able to insure the breach of the support for the minor bullish channel shown yesterday, due to the support from the minor bearish technical pattern alongside the bearish trend that momentum indicators are showing. We could witness some fluctuation, but overall we expect a bearish intraday direction affected by stabilizing below the breached minor bullish channel, in addition to the bearish shown above which still has target to be reached. Targets start at 85.95 then 85.00 which require four-hour closing below 87.05.
The trading range for today is among the key support at 85.00 and the key resistance at 87.70.
The short term trend is to the downside as far as 101.65 remains intact with targets at 82.60.
Support85.9585.3585.0084.7584.00Resistance86.9587.0587.7088.0088.65RecommendationBased on the charts and explanations above our opinion is selling the pair around 86.95 targeting 85.95 and stop loss above 87.70, might be appropriate.