The pair continues to trade negatively, fluctuating around the support of the descending minor channel shown above, while stability below 0.8170 supports the suggested downside movement over intraday basis. SMA 50 supports the proposed bearish wave, while momentum indicators might trigger some fluctuation before reaching the targets of 0.8000 and 0.7900.
The trading range for this week is among the major support at 0.8000 and the major resistance at 0.8220.
The short-term trend is to the upside as far as 0.7785 remains intact, targeting 1.0370.
|Recommendation||Based on the chart and explanations above, our opinion is selling the pair with 4-hour closing below 0.8125, targeting 0.8015 and 0.7940 and stop loss above 0.8220 might be appropriate|
Technical analysis for precious metals with major support and resistance levels and recommendations for 18-08-2009