The technical target of our weekly report at 0.8450 was touched yesterday as seen on the provided four hour chart. The royal pair is still respecting the bearish classical scenario of the head and shoulders top pattern literarily and the acceleration of the bearishness occurred after breaching the lower line of the secondary ascending channel. Now, some kind of fluctuation and slight upside recovery are awaited due to facing the full correctional level for the downside wave from 0.8820 to 0.8445 and the broken support line of the channel could be retested before resuming the suggested bearishness towards the technical objective of the major classical pattern at 0.8390 areas.
The trading range for today is among the key support at 0.8340 and key resistance now at 0.8605.
The general trend over short term basis is to the downside, targeting 0.7780 as far as areas of0.8965remain intact.
