The lower line of Keltner channel has protected the pair pushing it upwards as seen on the main daily chart. The secondary image of the four-hour time scale proves that the pair has found a very solid support around 0.9125 zones and now hitting SMA 50 -currently valued at 0.9200- is required to confirm the bullish scenario. Stochastic remains positive solidifying our constructive outlook but areas around 0.9030 -risk limit- should hold to protect bulls over intraday basis.
The trading range for today is among key support at 0.8985 and key resistance at 0.9360.
The general trend over short term basis is to the upsidetargeting 0.9950 as far as areas of 0.8850 areas remain intact.
|Recommendation||Based on the charts and explanations above our opinion is, buying the pair around 0.9150 targeting 0.9360 and stop loss below 0.9030 might be appropriate.|