Intraday bias remains bearish as long as resistance 0.8550 holds. It hits a high of 0.84018 at the time of writing and is currently trading around 0.84295.
Chicago PMI edged slightly up to 46.60 in Sep, compared to a forecast of 46.10.
Technicals-
The pair is trading above 34 and above 55 EMA in the 1-hour chart.
The near-term resistance is around 0.8480 any break above targets is 0.8500/0.8520. The bearish pattern from 0.92244 will be completed at 0.8375 if the pair closes above 0.8550. A jump to 0.8590/0.8660 is possible. The immediate support is at 0.8440, any violation below will drag the pair to 0.8420/0.8390/0.8365 (61.% fib projection)/0.8340.
Indicator (4-hour chart)
CCI (50)- Bearish
Average directional movement Index - Neutral. Overall trend is mixed.
It is good to sell on rallies around 0.8468-70 with SL around 0.8500 for a TP of 0.83780.
