The pair rallied yesterday to reach our first target at 0.8600, currently stochastic is near oversold areas, while the short term side-ways range for the pair remains intact capped by 0.8650-0.8660 from upside and 0.8525 from the downside. at the current level we anticipate acquiring our second target for yesterday near 0.8650 areas however we will stay on the sideline today as the risk-reward ratio is relatively high.
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 staying aside awaiting more confirmations|