The suggested bullish pattern yesterday is now being completed, especially after the pair settled above the resistance for the previously breached descending channel. We await a clear breach for the neckline at 93.60, which will open the way towards targets at 94.70 and 95.55. Our expectations are supported by upside signals from Stochastic, which require steady trading above 92.55.
The trading range for today is among the major support at 92.15 and the major resistance at 94.70.
The short term trend is to the downside as far as 101.65 is intact with targets at 82.60.
|Recommendation||Based on the charts and explanations above our opinion is buying the pair from 93.25 targeting 94.70 and stop loss below 92.55 might be appropriate|