The pair declined with the start of trading today reaching 38.2% correction at 83.50 which turned into support after its breach; at the same time, Stochastic is approaching oversold areas supporting the possibility for the pair to return to the upside correctional move supported by SMA 50. We will remain neutral today and observe the price reaction around the critical 83.50 support as a breach of which will extend the downside move to retest the breached resistance of the downside channel at 81.75, while its stability support the return to the upside to resume the bullish correction.
The trading range for today is among the major support at 82.70 and the major resistance at 85.65.
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 explanations above we remain neutral and recommend observing the pair awaiting more confirmations for the coming move|