The pair found support and rebounded from the 200-days SMA yesterday (colored in green) where it also settled above the 50(four-hours) average, while stochastic is providing positive signs. The price maybe attempting to test the resistance areas below 1.0070, as it looks like the pair is trying to build a base above 0.9930 level to resume the bullish trend; nevertheless, we prefer avoiding this slow ranging stance, awaiting a clear direction breakout within the upcoming period to jump into a major move.
The trading range for today is expected among the key support at 0.9890 and the key 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.|