The pair is close to completing the bullish technical pattern after fluctuating once again around 87.20, shown above. This pattern alongside the positive crossover on Stochastic, supportour expectations for a bullish intraday movethat requires a clear breach of 87.20 heading towards 88.00 then 89.15. The breach of 86.60 will pave the way to resume the bearish short term direction without the need for any bullish correction.
The trading range for today is among the key support at 85.95 and the key resistance at 89.15.
The short term trend is to the downside as far as 101.65 remains intact with targets at 82.60.
Previous Report Weekly Report
Support86.6085.9585.3585.0084.75Resistance87.2088.0088.6589.1589.50RecommendationBased on the charts and explanations above our opinion is buying the pair with the breach of 87.20 targeting 88.00 and stop loss below 86.60, might be appropriate.