The bearish momentum started to slow down, but this hasn't been reflected on ADX indicator, and we expect the medium-term downside wave to end soon in case the pair failed to breach and consolidate below 0.6980, where this level represents the potential reversal zone of the bullish harmonic pattern, however, this pattern isn't ideal and could be confirmed if this level wasn't breached. The pair is currently trading far away from the potential reversal zone of the harmonic pattern, which increases the intraday risk versus return ratio. Therefore, we will stay neutral for today.
The trading range for today is among the major support at 0.6980 and the major resistance at 0.7920.
We need more confirmations regarding the pair's short-term movement, awaiting the weekly closing around 0.7665.
|Recommendation||Based on the charts and explanations above we remain neutral awaiting more confirmations|