The pair started to rebound during the Asian session from the weekly hinted support around 0.9105 as seen on the provided daily chart. Stochastic has been relieved and is on the way to enter oversold zones and that may assist the pair to move higher once again. RVI 14 shows a bearish sign and it will not be fixed unless the pair breaches through 0.9200 zones. Additional downside attempts should be rejected around 0.8980-0.8965 otherwise bears will dominate the market's movements.
The trading range for today is among key support at 0.8925 and key resistance at 0.9310.
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 0.9105 targeting 0.9310 and stop loss below 0.8965 might be appropriate.|