The pair breached the neckline areas mentioned in our previous report and shown in red above. The pair stabilized above those areas and signalfurther upside movement over intraday basisaffected by this positive pattern with targets at 0.8945-90. Momentum indicators are trading within overbought areas which keep the volatility around the breached neckline for sometime before moving towards targets. Breaching 0.8735 will negate the upside pattern.
The trading range for today is among the major support at 0.8625 and the major resistance at 0.8990.
The short term trend is to the downside with steady daily closing below 1.0330 targeting 0.8000.
|Recommendation||Based on the charts and explanations above our opinion is buying the pair around 0.8790 targeting 0.8945 and stop loss below 0.8710 might be appropriate|