After being supported around 0.8445, the royal pair inclined aggressively, touching the suggested technical objective of yesterday's technical scenario literarily as seen on the provided four hour chart. Now, the overbought signs appearing on momentum indicators could send the pair slightly to the downside first to gather additional momentum to stabilize above 0.8510 zones-neckline of the classical pattern-. Therefore, we keep our positive outlook unchanged over intraday basis, targeting 0.8585 zones, while a break of which will send the pair towards 0.8700 zones. SMA 50 acts a floor for the time being, carrying the bullishness from below.
The trading range for today is among the key support at 0.8355 and key resistance now at 0.8630.
The general trend over short term basis is to the downside, targeting 0.7780 as far as areas of0.8965remain intact.
|Recommendation||Based on the charts and explanations above our opinion is, buying the pair around 0.8475 targeting 0.8585 and stop loss below 0.8390 might be appropriate|