The formation of the bullish technical pattern is still in progress, and the minor image illustrates that, therefore, all what we need is a breach above the neckline of the formation around 0.8665 to activate the positive effect of the pattern, taking into consideration that the 50 EMA is pressuring the pair negatively and this may make it more difficult for the pair to acquire the awaited and expected upside move today. Steady trading above 0.8525 is required for the bullish expectations.
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|