The pair continues trading within the descending channel organizing the short term bearishness since July. After recently reaching the resistance for the channel the pair head to the downside targeting the support for the channel around 82.00. 
The 100 MA is protecting the pair from above while Stochastic provided a negative crossover supporting the intraday and short term bearishness. Trading over the past three days were within the were within a minor ascending channel representing a continuation flag pattern which targets resuming the bearishness and therefore we need the breach of the support for the channel at 83.80 to activate the pattern. Therefore, we expect the pair to continue to the downside over short term basis which requires daily closing below 85.00.
By: Yasir MubarakSenior Technical Analystyasir.mubarak@ecpulse.comwww.ecpulse.com