Classic analysis for the pair shows an ascending channel with the main support around 0.8420. This channel engulfs the 20 and 50 SMA which are good support for the pair. Stochastic is approaching oversold areas while RSI is still trading among 50.00 and 70.00 areas. Therefore, we expect an upside move for today as far as stability is above 0.8675.
The trading range for this week is among the key support at 0.8675 and key resistance now at 0.8965.
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 0.8780 targeting 0.8930 and stop loss below 0.8675 might be appropriate|