The sharp incline seen supported the pair to breach the main resistance, where this signal is positive especially after the pair consolidated above SMA 20 and 50. But, Stochastic is currently biased to the downside and the pair is unable to breach 50% Fibonacciretracement at 0.7670 as shown above, which couldbringbearish correction to retest the broken resistance before rebounding again to the upside, where the bullishness became highly possible on short term and medium term basis.
The trading range for today is among the major support at 0.7350 and the major resistance at 0.8020.
The short-term trend is to the upside with steady weekly closing above 0.6980 targeting 0.8815.
|Recommendation||Based on the chart and explanations above, we recommend buying the pair around 0.7430 and take profit in stages at (0.7530, 0.7665 and 0.7815) and stop loss with 4-hour closing below 0.7290 might be appropriate.|