By observing the daily chart, and according to the classical analysis, we see the pair's negative momentum stopped yesterday around the exponential moving average 20 and then rebounded slightly to the upside. Furthermore, the pair covered the opening gap seen on Monday, which suggests that the upside movement could return today. But, consolidation above 0.9750 is necessary to keep our positive expectation valid, where a breach of this level bearishly could activate the negativity on Stochastic.
The trading range for today is among the major support at 0.9680 and the major resistance at 1.0100
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 0.9750 might be appropriate today.|