Although the pair dropped sharply within yesterday's session, it failed to print a daily closing below 0.9880 level, therefore, our previously suggested scenario for a bullish rebound continues to be effective. Momentum indicators remain lagging the price. In general, we will hold onto our expectations unless we see steady trading below 0.9880.
The trading range for the day is expected among the key support at 0.9850 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 0.9915 targeting 1.0000 and 1.0150, stop loss daily closing below 0.9880.|