The royal pair succeeded in building a solid base around yesterday's awaited support levels around 0.8730, where it inclined, breaching through SMA 50 as seen on the provided four hour graph. RSI 14 and AROON are definitely positive and thereby, we believe that the pair will resume the journey of achieving the extended technical targets of thebullish harmonic 5-0pattern that still affects the pair positively. Note that , a break of 0.8815 will accelerate our scenario.
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 around 0.8770 targeting 0.8930 and stop loss below 0.8650 might be appropriate.|