The pair rebounded to the upside yesterday, providing a positive crossover seen on the exponential moving averages, which suggests that the downside correctional movement ended. Furthermore, a breach of the descending resistance supports us to expect the pair to attempt turning positive today. But, a downside correction is expected before the suggested positivity controls the pair's movement, where Stochastic and RSI are negative. The pair upside move could be difficult, where the pair should face critical resistance levels at 0.9970 and 1.0010.
The trading range for today is among the major support at 0.9770 and the major resistance at 1.0125
The short-term trend is to the downside as far as 1.0665 remains intact targeting 0.9000.
|Recommendation||Based on the charts and explanations above, our opinion is buying the pair around 0.9850, and take profit in stages at (0.9970 and 1.0080) and stop loss with 4-hour closing below 0.9760 might be appropriate today.|