The strong oversold signs does not mean much for the pair if 1.0750 is breached, where incase that occurs we may witness a bullish correction before returning within the overall bearish trend. However, without this breach we can expect the expected bearish trend to continue to retest levels around 1.0500 initially, where this level is the next target for the bearish channel shown above.
The trading range for today is among the key support at 1.0430 and the key resistance at 1.0880.
The short term trend is to the upside as far as 1.0200 remains intact with targets at 1.2295.
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Support1.06451.05601.04951.04301.0385Resistance1.06451.0715107501.08351.0880RecommendationBased on the charts and explanations above our opinion is selling the pair around 1.0715 targeting 1.0500 and stop loss above 1.0835, might be appropriate.