The subsidiary image of the hourly interval shows that, a positive divergence was formed obviously on OsMA, while Stochastic succeeded in building a solid positive base, accompanied by bullish crossover. Adding theses technical factors to the suggested Elliott sequence-discussed in details in the weekly report- encourages us to say that,the bulls might dominate the movements over intraday basis. A break of 0.8295-0.8305 areas is needed to confirm this scenario.
The trading range for today is among the key support at 0.8210 and key resistance now at 0.8420.
The general trend over short term basis is to the downside, targeting 0.7780 as far as areas of 0.8965 remain intact.
Support0.82450.82100.81800.81400.8100Resistance0.83050.83550.83800.84000.8420RecommendationBased on the charts and explanations above our opinion is, buying the pair with a breakout above 0.8305 targeting 0.8420 and stop loss below 0.8215 might be appropriate.