The pair stabilized below 61.8% Fibonacci correction highlighted in our midday report yesterday, while returning to near the previously breached descending channel's resistance level that has turned into support around 0.9525. Stochastic is heading to the downside and thereby supporting chances of returning within the bearish trend to stabilize around the highlighted correctional level. We expect a bearish intraday trend that requires two factors to prevail; first, clearly breaching 0.9525 and stabilizing below it and the second is 0.9605 maintaining stability in front of any attempts to ascend.
The trading range for today is among the key support at 0.9320 and the key resistance at 0.9605.
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 below 0.9525 targeting 0.9365 and stop loss above 0.9605, might be appropriate.|