The pair continued consolidating above the key support levels of 0.9895 as seen on the provided daily chart. SMA 50 is a technical obstacle and it should be taken decisively to confirm the bullishness appearing on Chaikin oscillator. We hold onto our bullish expectationsbased on the major falling wedge pattern and stability above the previous broken upper line of this wedge. A break above 0.9950 will weaken the psychological level of 1.0000.
The trading range for the day is expected among the key support at 0.9820 and resistance at 1.0045.
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 our opinion is, buying the pair around 0.9900 targeting 1.0045 and stop loss below 0.9830might be appropriate.|