The pair is still trading between the previously breached critical support at 79.65 and the general downside trend's threshold, which is the breached resistance for the main downside channel that turned into a support at 78.05. The recent breach of 79.65 is a strong negative factor that supports our expectations for thedownside tendency to remain valid over intraday basissupported by the MA 50, and awaiting the attack of 78.05 to open the door for the pair to resume the general downside trend. Consolidation below 79.65 is required for our expectations to remain valid.
The trading range for today is among the major support at 77.00 and the major resistance at 80.00.
The short-term trend is to the downside as far as 89.35 remains intact with targets at 76.00.
|Recommendation||Based on the charts and explanations above our opinion is selling the pair around 79.65 targeting 78.05 and stop loss above 80.60 might be appropriate today .|