The pair headed to the downside yesterday, while trading within the sideway range between 0.9575 and 0.9710 as the stochastic entered oversold areas. This makes us expect a bullish intraday direction depending on two factors to prevail; first, clearly breaching 0.9710 and the second is building a base on 0.9575, in front of any attempts to descend.
The trading range for today is among the key support at 0.9500 and the key resistance at 0.9770.
The short term trend is to the downside as far as 1.0330 remains intact with targets at 0.8000.
|Recommendation||Based on the charts and explanations above our opinion is buying the pair with the breach of 0.9710 targeting 0.9875 and stop loss below 0.9615, might be appropriate.|