The pair continued to trade within a tight range yesterday, while it maintained the stability below the MA 50 and the 23.6% Fibonacci correction. Therefore, we expect the pair to continue trading within the main descending channel and expect an intraday downside move today which first needs to exit the sideways range shaded in yellow above by breaching 0.8325 support areas. Breaching the areas of 0.8455 might delay the awaited downside move.
The trading range for today is among the major support at 0.8170 and the major resistance at 0.8540.
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 our opinion is selling the pair around 0.8455 targeting 0.8250 and stop loss above 0.8540 might be appropriate|