In line with our yesterday's scenario, the pair has inclined sharply clearing 0.9200 level where 38.2% Fibonacci retracement of the entire upside rally from 0.8565 to the significant high of 0.9590 exists. Moreover, the daily closing was achieved successfully above SMA 100 since February, 16 as seen on our provided chart. Momentum indicators continue moving higher suggesting that bulls will dominate the movements over intraday basis. A breakout above 0.9310 will accelerate and confirm the bullishness.
The trading range for today is among key support at 0.9030 and key resistance at 0.9445.
The general trend over short term basis is to the upside, targeting 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 0.9210 targeting 0.9400 and stop loss below 0.9075 might be appropriate.|