The pair is stillmoving within a tight range since yesterday, with volatility around the 23.6% Fibonacci correction. Stochastic is within oversold areas with the SMA 50 support ahead which supports the possibility for the upside correction extension; we still need confirmations for this move with the breach of 0.8795. Therefore, we remain neutral for now to observe the pair between the critical 0.8795 resistance and 0.8710 support.
The trading range for today is among the major support at 0.8550 and the major resistance at 0.8945.
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|