The pair is trading between the exponential moving average 20 (EMA 20) at 0.7815 from below and the exponential moving average 50 at 0.8020 from above. The pair is also trading above the middle line of Bollinger bands indicator almost in the middle of the descending channel, which drive us to expect another positive attempt today, which could force the pair to retest the descending channel's main resistance at 0.8115 and maybe to retest the upper line of Bollinger band at 0.8165. Therefore, we will hold onto our positive expectations, especially after Stochastic had failed yesterday to force the pair to decline below the intraday critical level of 0.7815.
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 0.7900, targeting 0.8120 and stop loss with 4-hour closing below 0.7815 might be appropriate.|