The pair is stable below 78.6% Fibonacci correction at 0.8215 as shown above, while the exponential moving averages (EMA 20 & 50) are positive, supporting us to hold onto our positive expectations. Consolidation above 0.7970 suggests further upside movement, while consolidation above 0.8020 supports our expectations, however, a breach of 0.8215 could extend the upside movement towards 0.8360.
The trading range for today is among the major support at 0.7900 and the major resistance at 0.8360.
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 0.8120, targeting 0.8360 and stop loss with 4-hour closing below 0.8020 might be appropriate.|