The pair continues moving downwards, where it achieved one more negative daily closing below 76.4% retracement of the rally from 76.40 to 85.50 and 23.6% Fibonacci of the bearish wave from 85.90 to the aforesaid trough. Eyeing today will be on the process of retesting 78.50 zones from below since RSI still needs for relaxation, beforeresuming the bearishnesstowards 77.10 supported by stability below Ribbons lines -EMA 10 to 80- and the negativity on Vortex indicator -trend indicator-. Our bearish outlook and our detected technical objective are based on the previous explained descending triangle.
The trading range for today is among key support at 76.75 and key resistance now at 79.55.
The general trend over short term basis is to the upside, targeting 87.45 as far as areas of 76.40 remain intact.
|Recommendation||Based on the charts and explanations above our opinion is, selling the pair around 78.50 targeting 77.10 and stop loss above 79.40 might be appropriate.|