The pair ended yesterday below EMA 50, while Stochastic continued to provide downside signals over daily basis. Therefore, we expect a bearish intraday move today which requires the breach of the critical support at 79.65 and most importantly stability below 80.90.
The trading range for today is among the major support at 78.60 and the major resistance at 81.50.
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 80.75 targeting 79.65 and stop loss above 81.50 OR selling the pair with the breach of 79.65 targeting 78.00 and stop loss above 80.75 might be appropriate|