Normal and mild bounce was witnessed after touching SMA 100 and 38.2% Fibonacci of the entire upside rally from 0.8565 to 0.9590 but we can see how Stochastic has overlapped positively above the key support areas of 0.9105. At the same time, the middle line of Keltner channel provides the pair with additional support and RVI 14 reflects the solidity of the bullish momentum that started at 61.8% Fibonacci level. All we need is to witness a breakout above 0.9200 zones to reinforce our bullish outlook and to support the aforementioned technical catalysts.
The trading range for today is among key support at 0.8965 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 remain intact.
|Recommendation||Based on the charts and explanations above our opinion is, buying the pair around 0.9125 targeting 0.9310 and stop loss below 0.8985 might be appropriate.|