The pair provided another attempt to return within the ascending channel yesterday, but the pair found strong resistance provided by SMA 50, which pressured the pair to the downside. Stochastic provides positive signs. Therefore, we remain positive today, yet stability above 0.8340 is necessary for our positive outlook to prevail.
The trading range for today is among the major support at 0.8255 and the major resistance at 0.8460.
The short-term trend is to the upside as far as 0.7785 remains intact, targeting 1.0370.
|Recommendation||Based on the chart and explanations above, our opinion is buying the pair with 4-hour closing above 0.8340, targeting 0.8460 and stop loss below 0.8255 might be appropriate.|