With the slant negative divergence appearing on RSI 14, it seems that the pair has placed the top of internal first wave of the bigger third wave explained earlier. Thereby, potential mild correction may occur to form the internal second wave before starting the major third of the grand third. To conclude, we believe that the pivotal support areas between 0.9140 and 0.9125 could be retest to relieve RSI and to draw the required corrective structure of the suggestedElliott sequencebefore moving higher once again mainly targeting 0.9330-0.9355 zones over intraday basis followed by 0.9590 over short term basis.
The trading range for today is among key support at 0.0.8925 and key resistance at 0.9420.
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 0.9145 targeting 0.9355 and stop loss below 0.8990 might be appropriate.|