The pair rebounded to the upside after approaching the supportof 0.7750, while the pair is currentlytouching the exponential moving average 50 (EMA 50) as shown on the chart. This move is within the suggested upside move, which is expected to extend today and retest the descending channel's main resistance at 0.8120.RSI 14consolidated above 50 points level, supporting our positive expectations. But, 4-hour closing below 0.7750 could be able to negate our intraday upside move (intraday trading only).
The trading range for today is among the major support at 0.7665 and the major resistance at 0.8280.
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 0.7920, and targeting 0.8120 and stop loss with 4-hour closing below 0.7815 might be appropriate.|