The bearishness seen yesterday and earlier today was expected but extended further than our estimations, yet this decline didn't negate our suggested positive expectations, especially while Stochastic and RSI are positive. the upside movement is expected to return today, while consolidation above 0.7590 with 4-hour closing should prove this outlook.
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 buying the pair around 0.7660 and take profit in stages at 0.7750, 0.7800 and 0.7850 and stop loss with a daily closing below 0.7590 might be appropriate today.|