The pair quickly breached the sideway range's support yesterday around 0.9400, but rebounded due to the positivity from stochastic as we witnessed that it lost bullish momentum and is currently moving within overbought areas. This makes us hold onto bearish intraday direction, supported by the negative pressure offered by the MA 50 alongside stability below 0.9460. The expected targets start around 0.9200, while stability requires is below 0.9460 - 0.9520.
The trading range for today is among the key support at 0.9200 and the key resistance at 0.9520.
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 around 0.9460 targeting 0.9320 and stop loss above 0.9520, might be appropriate.|