The pair has moved violently to the downside breaching the pivotal support zones of 50% Fibonacci retracement of the entire upside wave from 0.8565 to 0.9590. Coming below the lower line of Keltner channel may bring a retest of this broken support -current resistance- before moving to the downside once again affected by the negativity on Stochastic and RVI 14. Classically speaking, there is room down towards 61.8% Fibonacci level at 0.8960 but on the other side, taking 0.9175-0.9180 will change the bearish picture completely.
The trading range for today is among key support at 0.8850 and key resistance at 0.9200.
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, selling the pair around 0.9080 targeting 0.8960 and stop loss above 0.9170 might be appropriate.|