Yesterday's correction has been limited exactly at 0.8965, proving the solidity of this pivotal support level. The bullish engulfing candlestick pattern, which we explained in details in our weekly report didn't fail yet. Thus; we still hold the harmonic scenario of resuming the CD leg which is targeting 0.9290 over short term basis. Stochastic and A.C indicators support the awaited bullishness over intraday basis.
The trading range is among the key support at 0.8860 and key resistance now at 0.9115.
The general trend over short term basis is to the upside, targeting 0.9720 as far as areas of 0.8400 remain intact.
|Recommendation||Based on the charts and explanations above our opinion is, buying the pair from 0.8970 targeting 0.9070 and stop loss below 0.8885 might be appropriate.|