The pair traded below pivotal support levels 1.0000 - 0.9970 after the sharp descend that occurred yesterday, thereby this scenario will help us reevaluate the bullish trend due to the effect of the bullish technical support appearing in our previous reports. Trading will stabilize below the MA 50 as well, while momentum indicators spear to be showing oversold signs. These factors will make us observe trading today, specifically as the daily closing is for support 0.9915 and resistance 1.0000.
The trading range for today is among the key support at 0.9750 and the key resistance at 1.0180.
The short term trend is to the downside as far as 1.0330 remains intact with targets at 0.8000.
|Recommendation||Based on the charts and explanation above our opinion is observing the pair’s intraday closing for levels mentioned above to insure its upcoming direction.|