The pair breached the resistance for the minor descending channel shown above, yet on the other hand, the pair is fluctuating around the SMA 50 that is preventing the pair from moving further to the upside and supported by the negativity on momentum indicators. We remain neutral today and observe trading around the critical support, the retest for the breached channel at 0.8660 and the resistance at 0.8740.
The trading range for today is among the major support at 0.8450 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.
|Recommendation||Based on the charts and explanations above we remain neutral and recommend observing the pair around the mentioned areas for more confirmations|