The royal pair inclined sharply after testing the Fibonacci level of 161.8% for the XA leg of our suggested harmonic butterfly pattern. These actions have been able to create a classical double bottom formation. Accordingly, possible bullishness could be witnesses over intraday basis, supported by the positive sign appearing on Stochastic of the daily charts.
The trading range for today is among the key support at 0.8530 and key resistance now at 0.8830.
The general trend over short term basis is to the upside, targeting 0.9720 as far as areas of 0.8400 remain intact.
Support0.86300.86050.85800.85550.8530Resistance0.86600.87000.87200.87600.8830RecommendationBased on the charts and explanations above our opinion is, buying the pair from 0.8630 targeting 0.8760 and stop loss below 0.8530 might be appropriate.