The pair found a strong support at the support level of the descending channel, to retest the level of 0.8170 now, where the positive effect of momentum indicators is significant over intraday basis. The positivity might extend today, while the pair might retest the critical level of 0.8220 before continuing the intraday downside movement; however, a breach of 0.8220 weakens the suggested general bearishness.
The trading range for today is among the major support at 0.7900 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 0.8120, 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