Failure to breach and stabilize above 0.8670 prevented the start of a bullish wave yesterday. Today, we are facing 0.8525 support again but no breach of the level so far, while stochastic is within oversold area and attempting to turn positive, on the other hand, RSI settles below 50. Contradiction among momentum indicators in addition to trading within the range between 0.8525 and 0.8670 are the reason behind staying aside for now awaiting a confirmation signal before the midday report.
The trading range for the day may be among the 0.8460 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 staying aside awaiting more confirmations|