The pair has failed to overcome the key resistance level hinted yesterday at 0.9145 zones as seen on the provided daily chart and this level succeeded in pushing the pair once again towards 0.9080 zones where 50% Fibonacci retracement level exists. Stochastic has been taken successfully to the oversold zones and is now attempting to print a positive overlap. Thereby, we believe that the bullishness may start sooner. A break above 0.9145 followed by 0.9175 will confirm and accelerate incline; whilst taking 0.9200 this time will weaken 0.9310 areas.
The trading range for today is among key support at 0.8925 and key resistance at 0.9260.
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 above 0.9105 targeting 0.9310 and stop loss below 0.8965 might be appropriate.|