The pair ended yesterday below the resistance for the bearish channel which it returned to trade within. We expect the pair to move to the downside today supported by trading below SMA 50. Momentum indicators are positive that might keep the volatility valid around the resistance for sometime before gathering the needed bearish momentum to support the suggested downside move. Breaching areas of 80.60-75 weakens the expected downside move and will extend the upside correction.
The trading range for today is among the major support at 78.40 and the major resistance at 82.10.
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 our opinion is selling the pair around 80.60 targeting 79.00 and stop loss above 81.80 might be appropriate|