The pair touched the awaited level around 0.8725 yesterday and rebounded to settle above the resistance of the descending correctional channel as shown on image. Trading is confined among a symmetrical continuation triangle, thus supporting our expectations for intraday bullishness for today targeting initially 0.8885-0.8915. Steady trading above the aforementioned support level is required for our expectations to remain valid.
The trading range for today may be among the 0.8625 support and 0.8910 resistance.
The short term trend is to the upside targeting 1.0370 so long as 0.8165 remain intact.
|Recommendation||Based on the charts and explanations above we recommend buying the pair around 0.8725 targeting 0.8885 and stop loss below 0.8615 may be appropriate.|