The pair maintains stability above the the resistance of the descending correctional channel, however with a slight downside bias approaching gradually the support of the main ascending channel which coincide with the Fibonacci correction level at 0.8635. An upside move for today is possible, but requires two conditions. a clear breach of 0.8720 and 0.8635 to remain intact.
The trading range for the week may be among the 0.8635 support and 0.8885 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 with a breach above 0.8720 targeting 0.8885 and stop loss below 0.8635 may be appropriate.|