The 50 EMA proved its strength yesterday and prevented the pair from acquiring an upside movement to decline again after touching levels around 0.8790. In fact, Stochastic has crossed over positively within oversold area, and this contradicts with the current bearishness in addition to trading among 0.8885 and 0.8600 pushing us to remain neutral for today awaiting a positive sign that supports Stochastic or a failure of the crossover.
Trading range for the week is among the major support at 0.8490 and the major resistance at 0.9000.
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 staying aside awaiting more confirmations for the next move.|