The pair has moved to the downside re-testing 61.8% Fibonacci retracement of the entire upside rally from 0.8925 to the peak of 0.9335 where it found a very good support. Now, we believe that the last wave-c- of the internal second wave has been placed after drawing five waves from b point. RSI 14 started to be positive as we anticipated yesterday but we need to witness a breakout above SMA 20 and SMA 50 to confirm our bullish scenario based on the above seen Elliott count.
The trading range for today is among key support at 0.8965 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 around 0.9105 targeting 0.9260 and stop loss below 0.9030 might be appropriate.|