The pair dropped yesterday and started today's session biased to the downside as well. We may see a retest of the pivotal support at 0.9900-0.9890 today, however in general we look for an upside rebound as momentum indicators continue to lag price action. Only a breach of 0.9890 with RSI and Stochastic confirming the move by dipping within oversold areas shall negate the potential rebound.
The trading range for the day is expected among the key support at 0.9890 and the key resistance at 1.0070.
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 buying the pair around 0.9900 targeting 1.0000 and 1.0150, stop loss daily closing below 0.9880.|