Despite the general upside trend (we recommend checking our weekly report for more information), the pair returned to trade below the downside trend's main resistance and also below the exponential moving averages 20 and 50, while Stochastic is still negative after it failed to turn positive yesterday. We expect the downside movement to extend today, while stability below 0.8020 supports our expectations, however, testing 0.7790-80 is also available now, before the pair attempts to incline again.
The trading range for today is among the major support at 0.7650 and the major resistance at 0.8170.
The short-term trend is to the upside with steady weekly closing above 0.6980 targeting 0.8815.
|Recommendation||Based on the chart and explanations above, we recommend selling the pair below 0.7970, and take profit in stages at (0.7875 and 0.7785) and stop loss with 4-hour closing above 0.8080 might be appropriate.|