The pair goes back to trade near the pivotal resistance at 0.8790 which is a strong upside barrier for intraday trading. Settling above the 50 EMA in addition to the bullish technical formation that we mentioned yesterday suggest that intraday bullish move is in favor today. Two conditions is required to achieve the move, a breach of 0.8790 level and 0.8690 to remain intact.
The expected trading range for the day is among the key support at 0.8660 and the key resistance at 0.9000.
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.|