After being supported above the minor uptrend line according to yesterday's explained scenario as seen on the four-hour chart –check the analysis here-, the pair isforming a reversal candlestick pattern. A slant positive divergence has been activated on MACD, supporting the allover bullish structure of the extended wave of the harmonic structure while a break of 0.9180 will accelerate the bullish wave. Hence we keep our outlook to the upside over the intraday basis.Notethat AC is providing a positive sign.
Trading range is among the key support at 0.8960 and key resistance now at 0.9370.
The general trend is to the upside as far as 0.8020 area remains intact with targets at 1.0000 followed by 1.0400 levels.
|Recommendation||Based on the charts and explanations above our opinion is, buying the pair from 0.9125 targeting 0.9220 and stop loss below 0.9050 might be appropriate.|