Trading is stuck among the pivotal intraday levels among 0.8690 support and 0.8885 resistance as shown in image. Stability above the previously breached resistance of the falling wedge formation is a factor that supports our positive expectations, in addition to the bullish technical pattern-underdevelopment-we mentioned previously and still valid awaiting a breach of the neckline around 0.8885. Therefore, we need a breach of 0.8810 first followed by 0.8885 to activate our scenario targeting 0.9000 as the first main target. Stability above 0.8690 is important for our expectations to remain possible.
Trading range for the day is among the major support at 0.8670 and the major resistance at 0.9030.
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 0.8810 targeting 0.8885 and 0.8970 stop loss below 0.8730 may be appropriate.|