The pair formed a long bullish candlestick yesterday and was also able to breach the main resistance of the descending channel. The pair is stable above 1.0205, which negated our negative expectations yesterday. This move could end the effect of the bearish harmonic structure and support the pair to start a new upside journey, but heavy fluctuations and maybe downside corrections are possible to relieve Stochastic from trading in overbought areas, but any trading above 1.0020 supports our positive expectations to remain valid.
The trading range for today is among the major support at 1.0000 and the major resistance at 1.0450
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, we recommend buying the pair around 1.0185, and take profit in stages at (1.0255 and 1.0375) and stop loss with below 1.0085 might be appropriate today.|