Over four-hour basis, the minor support halted the current downside and pushing the pair for an upside correction. This trading carried Stochastic into overbought areas. Therefore, we expect the pair to resume the intraday bearishness today pressured by the SMA 50. This downside move requires the clear breach of 0.8700 and stability below 0.8795.
The trading range for today is among the major support at 0.8500 and the major resistance at 0.8900.
The short term trend is to the downside with steady daily closing below 1.0330 targeting 0.8000.
Weekly ReportSupport0.87000.86700.86000.85450.8500Resistance0.87450.87950.88200.89000.8950RecommendationBased on the charts and explanations above our opinion is selling the pair with hourly closing below 0.8700 targeting 0.8545 and stop loss above 0.8795 might be appropriate