The pair has taken up a sideway range slanting slightly to the downside since the eighth of July, where the pair has touched key resistance yesterday for the sideway trend and reversed to the downside. However, the pair is currently based aboveSMA 20 and 50 on the four hour chart, where the stochastic is showing a positive crossover, but at the same time we will remain neutral, since the trading range is between the MA's and key resistance is very narrow, thereby raising the risk/profit ratio.
The trading range for today is among the key support at 1.0210 and the key resistance at 1.0625.
The short term trend is to the upside as far as 1.0200 remains intact with targets at 1.2295.
|Recommendation||Our morning expectation remains valid and we recommend remaining neutral due to the rise in risk/profit ratio, might be appropriate.|