Although the market has finally breached some bear channel resistance off of the yearly highs to trade back above 0.8400 thus far, the cross is still confined to a broader downtrend off of the yearly highs and looks to be in search of the next medium-term lower top below 0.8800 ahead of the next major downside extension. The daily average true range for the cross is 80 points and this would now project a potential daily high by 0.8500. The 0.8500 level is also expected to be a formidable resistance point as it is also a major psychological barrier. Hourly studies are already overbought and as such, we like the idea of fading a test of 0.8500 today. STRATEGY: SELL @0.8500 FOR AN OPEN OBJECTIVE; STOP 0.8610. RECOMMENDATION TO BE REMOVED IF NOT TRIGGERED BY NY CLOSE (5PM ET) ON MONDAY.