The royal pair soared from 61.8% Fibonacci level of the upside rally from D point to 0.8635 areas as anticipated yesterday, clarifying that the downside move from the peak around 0.8635 areas is seen as a correction and the pair has currently started to continue its upside rally. This highly predicated bullishness is based on our caught 5-0 pattern, which is targeting 161.8% Fibonacci projection of CD leg at 0.8670 zones while being carried above SMA 50. AROON also became positive and thuswe keep our bullish scenario intact over intraday basis,to where we recommend reviewing the weekly report for more details about the aforementioned harmonic structure.
The trading range for today is among the key support at 0.8480 and key resistance now at 0.8730.
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 0.8580 targeting 0.8670 and stop loss below 0.8510 might be appropriate.|