Yesterday, the pair reached the exponential moving average 50 (EMA 50) at 0.7995, however declined again after it failed to breach the mentioned level. Stochastic attempts to provide negative crossover, which could force downside pressures on the pair, but at the same time, the pair is still stable above the exponential moving average 20 at 0.7860, and also above the support at 0.7815, while RSI attempts to turn positive through stabilizing above 50 points. Today, we are facing technical conflict, which drive us to stay neutral.
The trading range for today is among the major support at 0.7700 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 charts and explanations above we remain neutral awaiting more confirmations|