The royal pair has found a very good technical floor around 0.8715 zones yesterday, were it started to move sharply upwards as seen on the provided four hour chart. It is presently attempting to breach the 0.8780 zones-value of SMA 50- in order to resume the journey of achieving the extended technical targets of thebullish harmonic 5-0pattern that still affects the pair positively. RSI still has upside targets to be reached and therefore, we still hold our positive overview.
The trading range for today is among the key support at 0.8630 and key resistance now at 0.8910.
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 with a breakout above 0.8780 targeting 0.8930 and stop loss below 0.8650 might be appropriate.|