When we measure Fibonacci correction levels for the last bearish wave that begun from 1.0254 level reaching to the recently recorded bottom at 0.9442, we find that the last bullish rally might stop on the thresholds of 50 % Fibonacci level that located at 0.9848, noticing that the price records Descending Tops levels that appear clearly by the above chart, which signals that the price in bearish track on the short term basis.
Therefore, we believe that the bearish trend will return to control the upcoming trading, supported by losing the bullish momentum of stochastic, pointing that breaking 0.9752 level will confirm opening the way towards 0.9634 levels then targeting the above-mentioned bottom at 0.9442.
You should be aware that the bearish trend scenario will remain valid and active unless breaching 0.9848 then 0.9944 levels and holding above it.
Expected trading range for today is between 0.9670 support and 0.9848 resistance.
Expected trend for today: Bearish
Origin: Economies
