The pair's movement is biased to the upside, unless a breach of 0.7815 is seen. Therefore, the pair is trading positively, approaching 78.6% Fibonaccilevel at 08020 as shown above. A breach of 0.8020 should support the upside move to extend.RSI is stable above 50 points and trading within sideway range. The suggested breach is required to confirm our scenario.
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.|