The pair is slowly moving to retest the support that descended to 81.05 accompanied with clear oversold signs on Stochastic. Therefore, we preserve the scenario suggested in our previous reports, as we believe the pair will continue the upside move and rebound from the retest areas in an intraday bullish move today resuming the bullish correction that was initiated with the breach of the resistance for the mentioned channel. Breaching areas of 81.05 and stability below it will reestablish the general bearishness for the pair.
The trading range for today is among the major support at 80.75 and the major resistance at 83.50.
The short term trend is to the downside as far as 89.35 remains intact with targets at 77.70.
|Recommendation||Based on the charts and explanations above our opinion is buying the pair around 81.10 targeting 82.55 and stop loss below 80.25 might be appropriate|