The pair is revisiting the retest level for the previously breached bearish direction that has currently turned into support around 0.9550 after it found strong resistance from SMA 50, after the stochastic neared oversold areas. We expect some bullish rebound to the upside at least to retest the strength of SMA 50. We point out the importance of the pair cautiously while trading around 0.9550 since breaching and building a base below it will pave the way for more bearish movement towards 0.9365.
The trading range for today is among the key support at 0.9400 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 around 0.9550 targeting 0.9620 and stop loss below 0.9500, might be appropriate.|