The royal pair continued moving upwards achieving continuous four hour closings above SMA 50 and also above 261.8% Fibonacci projection of CD leg of our efficient bullish harmonic 5-0 pattern as seen on the provided four hour chart. In the interim, AROON is giving off an obvious positive sign, confirming the solidity of the bullish trend started at 0.8730 zones on Tuesday. Thereby, we still see chances for achieving more upside movements over intraday basis, targeting 361.8% at 0.8950 zones. Areas of 0.8780-0.8730 should be the floor of intraday trading.
The trading range for today is among the key support at 0.8730 and key resistance now at 0.9030.
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 0.8840 targeting 0.8950 and stop loss below 0.8760 might be appropriate.|