The pair is under downside pressure from the 50 EMA in addition to the negativity on stochastic , pushing it to trade negatively, while the formation of the bullish technical pattern remains in progress, as shown on the minor image. Therefore, we count on stability above the support of the yellow shaded range at 0.8525 and the possible positive formation to expect a bullish intraday move, mentioning that a breach above 0.8665 and steady trading above 0.8525 is required to acquire the awaited move.
The trading range for the day may be among the 0.8525 support and 0.8765 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 0.8665 targeting 0.8770 and stop loss with four-hour closing below 0.8600 may be appropriate|