Thepair achieved our previous expectations and is trading now around 0.7665. The pair is trading below the lowerline of Bollinger bands range, while Stochastic is within oversold areas and is still negative. RSI reached the 20 points level. All these technical signals together drive us to expect a bullish correction. But, this correction requires consolidation above the descending channel's main support at 0.7750, while the upside correction cannot be confirmed unless the pair stabilizes above the main support. We will stay neutral today, observing the pair's behavior around 0.7665.
The trading range for today is among the major support at 0.7430 and the major resistance at 0.7920.
The short-term trend is to the upside with steady weekly closing above 0.7665 targeting 0.8795.
|Recommendation||Based on the charts and explanations above we recommend observing the pair for more confirmations due to the high risk-to-return ratio.|