Consolidation above the Exponential Moving Averages 20 and 50 along with the breach of the minor descending channel as shown above could support the pair to form a double bottom pattern. This pattern was not confirmed yet, where a breach of 1.0275 confirms this structure, while stability above 1.0205 supports the possibility of forming this structure, which could trigger an upside move. A breach of 1.0040 negates our intraday positive expectations, while a breach of 1.0120 only weakens the positivity.
The trading range for today is among the major support at 0.9970 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 1.0205, and take profit in stages at (1.0350 and 1.0420) and stop loss with 4-hour closing below 1.0120 might be appropriate today.|