The pair pushed to the upside yesterday after completing a retest of the breached resistance of falling wedge pattern, thus ending the trading session above the 50-days SMA and 0.9935 level, and RSI has crossed into the positive territory. We still see some upside potential initially towards the resistance of the pennant formation, but an extended bullish move should be confirmed by trading steadily above the formation.
The trading range for the day is expected among the key support at 0.9850 and resistance at 1.0080.
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 0.9930 targeting 1.0050 and stop loss below 0.9870 might be appropriate.|