The pair declined after failing to stabilize above 0.8420, despite the overbought signs on Stochastic it did not provide the signals for the awaited correction. Signs of a double bottom formation keep appearing, where it might help the pair indulge in an upside correction today; while trading above 0.8280 will keep the upside correction possibility valid. The general trend is still bearish, though the pair needs to head to the upside to unload negative momentum.
The trading range for today is among the key support at 0.8180 and key resistance now at 0.8500.
The general trend over short term basis is to the downside, targeting 0.7780 as far as areas of0.8965remain intact.
Support0.83050.82750.82450.82100.8180Resistance0.83650.83800.84000.84200.8480RecommendationBased on the charts and explanations above, our opinion is buying the pair from 0.8320 to 0.8420 and stop loss below 0.8275 might be appropriate.