Like other currencies a quasi-technical/fundamental correction is taking place in most non-dollar currencies. Down trend channel resistance is seen up at 84.84 and we would suggest that traders sell rallies to that level for a position play.
Technical Outlook: Daily stochastics are showing positive momentum from oversold levels, which should reinforce a move higher if near term resistance is taken out. The market’s short-term trend is negative as the close remains below the 9-day moving average. Market positioning is positive with the close over the 1st swing resistance. The next upside target is 85.93. The next area of resistance is around 84.79 and 85.93, while 1st support hits today at 82.63 and below there at 81.61.