The pair touched 38.2% Fibonacci correction finding difficulty in stabilizing above it due to the negativity of stochastic; SMA continues pressuring the pair to the downside, where we expect more bullish intraday movement. Note that in order to resume this ascend two major facts are required; first, a clear breach and stability for the four hour closing initially above 0.9235 and the second is also stabilizing above 1.9145.
The trading range for this week is among the key support at 0.9090 and the key resistance at 0.9415.
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 above 0.9235 targeting 0.9370 and stop loss below 0.9145, might be appropriate.|