The harmonic pattern remains valid and the pair returned to stabilize above 0.8370 mentioned in our weekly report and also reiterated the importance of its breach yesterday; therefore, we expect further upside movement for today towards 0.8490-0.8505, which is considered the second target for the harmonic pattern. Stochastic is approaching overbought areas, which might increase the fluctuation during the expected bullish move.
The trading range for today is among the key support at 0.8260 and key resistance now at 0.8565.
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 0.8390 targeting 0.8510 and stop loss below 0.8330 might be appropriate|