The pair was not able to touch the support of the main ascending channel and rebounded to end the day above the resistance of the descending correctional channel shown on image, therefore, there is a possibility that the pair resumes the main uptrend targeting initially 0.8910. Our expectations will remain possible so long as daily closing remain above 0.8720.
The trading range for the day 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 0.8910 and stop loss with four-hour closing below 0.8685 may be appropriate.|