The pivotal resistance areas around 0.9310 have sent the pair sharply to the downside forcing Stochastic to draw a negative divergence as seen on the provided daily chart. But, the pair is presently hovering around SMA 100 while Fibonacci level of 38.2% may prevent the pair from additional downside actions. Thereby, our outlook is neutral over intraday basis; noting that a breach above 0.9310 will bring the bullish picture back into focus. On the downside, a daily closing below 0.9105 will damage the bulls' attempts to retest 0.9590 again.
The trading range for today is among key support at 0.9030 and key resistance at 0.9445.
The general trend over short term basis is to the upsidetargeting 0.9950 as far as areas of 0.8850 remain intact.
|Recommendation||Based on the charts and explanations above our opinion is, staying aside until an actionable setup presents itself to pinpoint the upcoming big move.|