The ongoing negative pressure on the pair yesterday has pushed the pair towards 0.9560, which are forming support for the sideway range show above. Meanwhile, The solid retest level for breached support that has currently turned into resistance at 0.9725 - attempting to move to the upside twice, alongside SMA 50 which is forming resistance for intraday trading as well as the minor descending channel that controls present trading. All these factors play a role in pushing the pair to the downside, but in return the positivity of momentum indicators and signs of a bullish technical pattern's neckline have met the initial retest level; therefore, these factors play a role in causing doubt around whether the bearish direction will continue or not. We recommend keeping an eye on upcoming trading, specifically for critical levels between 0.9560 and 0.9655 that hold the keys to insure the following pair's direction.
The trading range for today is among the key support at 0.9400 and the key resistance at 0.9770.
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 movement to insure its upcoming direction.|