The daily closing above the key support levels between 0.9105 and 0.9080 has confirmed the solidity of Keltner channel's lower line. In the interim, Stochastic succeeded in achieving a bullish crossover suggesting additional gains over upcoming hours. A break above 0.9175 followed by 0.9200 will confirm the bullishness while clearing SMA 100 will be an indication that the current correction is finished and 0.9350 zones will be targeted. On the downside, a sustained breakout below 0.9000 will give us a rational reason for pause.
The trading range for today is among key support at 0.9000 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 0.9125 targeting 0.9300 and stop loss below 0.9000 might be appropriate.|