Last chance for reversing the sharp declines occurred during the past three days, as the royal pair is presently touching the Fibonacci level of 161.8% from XA leg. Actually, a break of 0.8630 is urgently needed to confirm the awaited reversal; otherwise the suggested bullishness could be changed.
The trading range for today is among the key support at 0.8480 and key resistance now at 0.8760.
The general trend over short term basis is to the upside, targeting 0.9720 as far as areas of 0.8400 remain intact.
Support0.86050.85800.85550.85300.8480Resistance0.86300.86800.87000.87200.8760RecommendationBased on the charts and explanations above our opinion is, buying the pair with a breakout above 0.8630 targeting 0.8725 and stop loss below 0.8555 might be appropriate.