The pair starts the day lower attempting to the downside again. The range-trading stance we have been through has gone to long, thus a breakout and a directional major move could start sometime soon. We will continue to expect an upside rebound counting mainly on the falling wedge pattern, in addition to the positivity seen on momentum indicators.
The trading range for today is expected among the key support at 0.9850 and the key resistance at 1.0080.
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 0.9890 targeting 1.0000 and 1.0080. Stop loss below 0.9835.|