The support of the range bound continues to hold well preventing further decline, where daily closing remain steady above the level at 0.8525. Therefore, we continue to expect bullishness over intraday basis targeting initially a test of 0.8635 and 0.8685 resistance levels. Breaching and steady trading below 0.8525 will invalidate the suggested scenario.
The trading range for the day may be among the 0.8460 support and 0.8680 resistance.
The short term trend is to the downside targeting 122.00 so long as 150.00 remain intact.
|Recommendation||Based on the charts and explanations above we recommend buying the pair around 0.8525 targeting 0.8635 and stop loss with four-hour closing below 0.8460 may be appropriate.|