The pair dropped to retest the previously breached descending resistance shown above, however, the overall range-trading stance continues to be dominant , meanwhile, stochastic is within oversold area, therefore, we expect an intraday upside move today for a possible retest of 0.8610-0.8620 resistance area. On the downside 0.8525 should remain intact for any bullish bias to remain persistent.
The trading range for the day may be among the 0.8500 support and 0.8640 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 0.8540 targeting 0.8600 and 0.8640, stop loss with four-hour closing below 0.8520.|