Observing the daily chart, the decline seen yesterday is seen as a retest of the descending channel's main resistance, which turned into support after it was breached. Moreover, the pair is currently stable above the moving averages 20 and 50, and also above the middle line of Bollinger band. All those signsargue us to expect that, the upside movement could return today, after the pair retested the level of 0.8020. Stochastic is negative, where stability above 0.8120could unloadthe negativity seen on it.
The trading range for today is among the major support at 0.7875 and the major resistance at 0.8250.
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 0.8020, and take profit in stages at (0.8120 and 0.8215) and stop loss with 4-hour closing below 0.7900 might be appropriate.|