The pair rebounded from levels near the main support and the bottom of the recent range bound among 0.9850-1.0050 area. Meanwhile price is approaching the descending resistance of the main falling wedge formation we mentioned in previous reports. Therefore; we prefer to remain neutral at the current levels; where momentum indicators are clearly neutral as well hinting the ranging stance.
The trading range for the day is expected among the key support at 0.9840 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 staying aside awaiting further confirmations|