The pair declined as we expected yesterday, which forced the pair to face the psychological barrier at 1.0000 and the resistance at 1.0010 along with the overbought signs seen on Stochastic, but today, Stochastic entered oversold areas, while the pair is currently approaching the critical support at 0.9865 as stability above this level suggests an intraday upside movement. Consolidation above the critical ascending support at 0.9830 as shown above is necessary to keep our positive expectations valid.
The trading range for today is among the major support at 0.9770 and the major resistance at 1.0185
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 above 0.9910, and take profit in stages at (1.0010 and 1.0125) and stop loss with 4-hour closing below 0.9770 might be appropriate today.|