We have a critical support ahead at 1.4170 representing the neckline for a proposed bearish pattern still under formation, which will extend the intraday downside move within the correctional formation for the bullishness from 1.2870. On the other hand, Stochastic is trading within overbought areas that might pressure the pair to the upside. Accordingly, we remain neutral today and observe the pair around the critical 1.4170 support and 1.4335 resistance.

The trading range for today is among the major support at 1.4020 and the major resistance at 1.4455.

The short term trend is to the upside with steady daily closing above 1.2795 targeting 1.5135.

The pair failed to stabilize above 1.6455 breached yesterday and was again affected by the negativity of the bearish pattern mentioned in our previous report, where trading returned again between 61.8% and 76.4% Fibonacci correction. Stochastic is providing positive signals that might push the pair towards 1.6455 again while the SMA 50 offers negative pressure that might push the pair towards the ascending channel’s support a t1.6230. Therefore, we recommend observing the pair today and around 1.6455 resistance and 1.6300 support which can determine the coming intraday direction for the pair.

The trading range for today is among the major support at 1.6160 and the major resistance at 1.6575.

The short term trend is to the upside with steady daily closing above 1.5315 with targets at 1.7000.

The pair stabilized yesterday above the resistance for the main descending channel, signaling more upside movement over intraday basis mainly targeting 38.2% Fibonacci correction at 83.50. We have technical factors that might restrict the bullishness and pressure the pair south in an attempt to return to the downside wave which is resembled by the negativity on Stochastic alongside trading below the SMA 50.

The trading range for today is among the major support at 79.00 and the major resistance at 83.50.

The short term trend is to the downside as far as 89.35 remains intact with targets at 77.70.

The pair approached the main target around 0.8945 affected by the positive pattern mentioned yesterday alongside steady trading within the minor ascending channel shown above. Therefore, we expect further intraday bullishness for today targeting next 0.8985 –the descending channel’s resistance- which requires stability above 0.8790. Momentum indicators are clearly negative that might keep the volatility seen around the channel’s support for some time.

The trading range for today is among the major support at 0.8740 and the major resistance at 0.9040.

The short term trend is to the downside with steady daily closing below 1.0330 targeting 0.8000.

The pair found difficulty in breaching the critical support mentioned yesterday at 0.9525 and rebounded to the upside to stabilize around the resistance for the main descending channel as shown above. We still have the possibility of a bullish pattern formation with the neckline at 0.9710 which might push the pair further to the upside, while the resistance from the SMA 50 will keep trading within the main bearish wave. Therefore, we need to observe trading between the critical support at 0.9525 and resistance at 0.9710 to determine the coming intraday move.

The trading range for today is among the major support at 0.9350 and the major resistance at 0.9845.

The short term trend is to the downside as far as 1.0665 remains intact targeting 0.9000.