The royal pair is trapped within a very tight range but actually it succeeded in relieving the momentum indicators as discussed yesterday. Currently, the positive overlapping sign appearing on Stochastic is to prove that possible bullishness could be seen over an basis, which is based on our caught Elliott count as seen on our provided four-hour chart.
The trading range for today is among the key support at 0.8680 and key resistance now at 0.8935.
The general trend over short term basis is to the upside, targeting 0.9720 as far as areas of 0.8400 remain intact.
Support0.87600.87200.87000.86800.8630Resistance0.88300.88650.88850.89050.8935RecommendationBased on the charts and explanations above our opinion is, buying the pair from 0.8785 targeting 0.8890 and stop loss below 0.8700 might be appropriate.