The royal pair is trapped within a tight range since the opening of this week since it is very close to the second potential reversal zones of the proposed bullish harmonic crab pattern formation as seen on the provided four hour graph. In the interim, RSI 14 is valued at 28.00, signaling that the pair is overbought and AROON started to give off the first bullish sign of the required two signals. Hence, potential upside recovery could be witnessed over intraday basis. Conversely, areas of 0.8255 should hold to keep this outlook valid.
The trading range for today is among the key support at 0.8180 and key resistance now at 0.8460.
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 0.8315 targeting 0.8420 and stop loss below 0.8250 might be appropriate.|