The pair rebounded to the upside yesterday, while consolidating above the exponential moving average 20 (EMA 20) and the middle line of Bollinger band should support the bullishness. Moreover, Stochastic is turning positive, supporting the pair to retest the downside trend's main resistance at 0.8050, while the pair could achieve further targets in case consolidation above the mentioned resistance was seen. Stability above 0.7800-15 is necessary to keep the bullishness possibility intact.
The trading range for today is among the major support at 0.7750 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.|