The pair inclined yesterday as expected to settle above the exponential moving averages 20 and 50. Furthermore, RSI is trading above the 50-point level. But, Stochastic is negative and consolidation above 0.9575 is required to relieve the indicator from this negativity. We expect an upside move today, supported by the bullish technical structure. But, a breach of 0.9450 is sufficient to negate our positive outlook.
The trading range for today is among the major support at 0.9300 and the major resistance at 0.9740.
The short-term trend is to the upside with steady weekly closing above 0.8850 targeting 0.9950.
**New York Candlesticks**
|Recommendation||Based on the chart and explanations above, our opinion is buying the pair above 0.9480, and taking profit in stages at (0.9600 and 0.9740) and stop loss with 4-hour closing below 0.9400 might be appropriate|