The pair failed to hold below parity yesterday, where it found support near the 200-days SMA to rebound again attempting to retest the resistance area among 1.0050-1.0075, a bullish divergence is seen on Stochastic. Therefore, we will wait and see if the pair maintains the bullish bias and able to breach the aforementioned resistance area in addition to the resistance of the short term descending channel shown on chart.
The trading range for today is expected among the major support at 0.9950 and the major resistance at 1.0075.
The short term trend is to the upside targeting 1.0650 with steady daily closing above 0.9900.
|Recommendation||Based on the charts and explanations above, we recommend staying aside awaiting further confirmations|