The pair continues to fluctuate around the retest level of the breached falling wedge which continues to decline to reside now at 0.8665. At the same time, stochastic is clearly oversold over daily basis, therefore, we expect resumption of the upside move during the upcoming period targeting initially 0.8785. Stability below 0.8665 may delay achieving the awaited targets.
Trading range for the day is among the major support at 0.8560 and the major resistance at 0.8885.
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 around 0.8665 targeting 0.8785 and 0.8885. Stop loss below 0.8595 may be appropriate.|