The pair is trading according to the plan suggested in our reports yesterday, while retesting the previously breached rising wedge's support level descending to attack and retest 0.9625 finding it hard to currently surpass it, due to the effect of support offered by the MA 50 along with the positivity of momentum indicators. Some fluctuation is expected around present levels, but in overall we expect a bearish intraday direction that requires a clear breach of 0.9625 that play a vital role in paving the way towards the first targets around 0.9460. Note the importance of stabilizing below 0.9705 to secure the suggested bearish targets.
The trading range for today is among the key support at 0.9380 and the key resistance at 0.9815.
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 explanations above our opinion is selling the pair with the breach of 0.9625 targeting 0.9460 and stop loss above 0.9705, might be appropriate.|