Trading remain confined among the correction levels we mentioned yesterday and shown on image above, while stochastic continues to hinder the pair's attempts to continue the overall upside move. In general, we hold onto our bullish intraday expectations supported by stability among the ascending channel which is controlling the short term direction for the pair, but the pair should get rid off the negativity that is hindering bullishness, starting from the 50 EMA resistance level and negativity on stochastic. The upside bias remain valid so long as 0.8595 is intact.
The expected trading range for the day is among the key support at 0.8595 and the key resistance at 0.8885.
The short term trend is to the upside so far as 0.8165 remains intact targeting 1.0370.
|Recommendation||Based on the charts and explanations above we recommend buying the pair around 0.8645 targeting 0.8790 and stop loss with four-hour closing below 0.8595 may be appropriate.|