The pair breached the downside channel in the image above, which has currently turned into support around 82.40. Meanwhile, yesterday's trading closed around the broken resistance level and thereby we require another daily closing above this level to insure that the intraday direction has rebounded. Stochastic is showing major overbought signs that could cause negative pressure on the pair; however, we recommend remaining neutral today and observe the daily closing for the broken resistance level.
The trading range for this week is among the key support at 81.15 and the key resistance at 84.25.
The short term trend is to the downside as far as 89.35 remains intact with targets at 77.70.
|Recommendation||Based on the charts and explanation above our opinion is remaining neutral, while observing the pair’s daily closing to insure its upcoming direction.|