The pair goes back to hover around the previously mentioned neckline around 0.8825 and settled above the 50 EMA. It rebounded to the upside from the support of the rising wedge formation and the current fluctuation make us expect a breach of the neckline and this will open the door for more intraday upside move targeting 0.8940. While breaching 0.8800 and stabilizing below it shall push the pair to attempt again to breach the support of the rising wedge, please review our weekly report for more details over the mentioned pattern.
Trading range for the day is among the major support at 0.8700 and the major resistance at 0.8940.
The short term trend is to the upside targeting 1.0370, as long as 0.8165 remain intact.
|Recommendation||Based on the charts and explanations above we recommend buying the pair with hourly closing above 0.8825 targeting 0.8940 and stop loss below 0.8750 may be appropriate.|