The pair's upside momentum started to weaken from areas of 0.8195, which is normal due to the sensitivity and importance of that level. But, we should closely observe the pair's movement, where a four-hour closing above the mentioned level could delay the downside wave for a while, but trading below 0.8305-50 keeps our bearish expectations valid even if the pair fluctuatessharply. Stochastic provides negative signs, and RSI is unable to breach 50 points level, which confirms our expectations.
The trading range for today is among the major support at 0.8070 and the major resistance at 0.8500.
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 0.8195 and take profit in two stages at 0.8080, 0.8010 and stop loss with four-hour closing above 0.8250 might be appropriate|