The pair continues to fluctuate among the 50% and 38.2% Fibonacci correction levels, at the moment, it is trading near the 50% level at 0.8720. Stochastic is oversold,and this supports our expectations for an intraday bullish move targeting mainly 0.8885. Taking into consideration that breaching 0.8720 will lead to a deeper correction toward 0.8625.
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 0.8720 targeting 0.8885 and stop loss with four-hour closing below 0.8685 may be appropriate.|