The solid support around 0.9105 has provided the pair with very strong bullish momentum sending it violently upwards as seen on the provided daily chart. Stochastic and RVI 14 continues providing the pair with upside momentum. In result, our bullish scenario suggested in the weekly report remains in favor and a break above 0.9230 will confirm and accelerate the move. On the downside, taking 0.9030 will give us a rational reason for concern.
The trading range for today is among key support at 0.8985 and key resistance at 0.9400.
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 above 0.9170 targeting 0.9360 and stop loss below 0.9030 might be appropriate.|