The pair fell sharply yesterday to reach areas near the main support of the recent range bound and the pennant formation, meanwhile, stochastic and RSI remain fluctuating with no clear directional bias. The overall range bound remains intact, thus we look for another short term upside rebound as price is currently retesting the breached resistance of the falling wedge pattern.
The trading range for the day is expected among the key support at 0.9840 resistance at 1.0050.
The short term trend is to the upside targeting 1.0650 with steady weekly closing above 0.9880.
|Recommendation||Based on the charts and explanations above, we recommend buying the pair around 0.9860 targeting 0.9925 and 1.0025. Stop loss below 0.9825.|