The pair successfully settled above 0.8730 , and attempted numerously to breach 0.8790 pivotal resistance which forms a neckline for a bullish technical pattern, the pattern could support trading among the main ascending channel we mentioned previously. The 50 EMA over four-hour basis is supporting the pair , accordingly, upside attempts is in favor today but requires two conditions, a clear breach of 0.8790 and steady trading above 0.8690.
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 with hourly closing above 0.8790 targeting 0.8885 and 0.9000,stop loss with hourly closing below 0.8720 may be appropriate.|