As expected, the support at 0.7815 was sufficient to stop the pair's negative momentum, while Stochastic was able to provide positive crossover. Therefore, the upside movement is still valid, while stability above the middle line of Bollinger band and the exponential moving average 20 (EMA 20)argue us to expect the upside movement to extend, attempting to retest the exponential moving average 50 (EMA 50) at 0.8000 and the descending channel's main resistance at 0.8080-70.
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.|