The pair continues to trade with upside bias since yesterday and gradually trending further from the support for the rising wedge mentioned in our previous reports. We have conflicting signals where the MA 50 and Stochastic are negative pressures that support the breach of the mentioned support, yet on the other hand we have signs of a minor bullish pattern over four-hour basis with the neckline at 0.8825, and if the breach is confirmed the pair will move towards 0.8940. Therefore, we remain neutral today and observe trading around the critical levels between 0.8750 support and the neckline areas of 0.8750.
The trading range for today is expected among the key support at 0.8665 and the key resistance at 0.8940.
The short term trend is to the upside as far as 0.8165 remains intact with targets at 1.0370.
|Recommendation||Based on the charts and explanations above we recommend observing trading today awaiting more confirmations|