In accordance with our scenario, the royal pair declined slightly towards 0.8630 zones, placing a low of 0.8637 to relieve momentum Stochastic. Now, the oversold signs alongside the recently established uptrend are to help the pair to activate the possiblebullish scenario of the mixture between classical and harmonic studies as we discussed earlier. 0.8700-0.8720 zones are very sensitive areas and if the pair succeeded in touching it, volatile actions could be witnessed.
The trading range for today is among the key support at 0.8530 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.
Support0.86300.86050.85800.85300.8480Resistance0.86600.87000.87200.87600.8820RecommendationBased on the charts and explanations above our opinion is, buying the pair from 0.8640 targeting 0.8720 and stop loss below 0.8570 might be appropriate.