The pair has been trading within a narrow range above the 200-days SMA; the pair is having difficulties breaching this support area around the average as see on chart, while price is clearly oversold as seen on Stochastic. Accordingly, we expect an intraday bullish rebound today targeting mainly the resistance area around 1.0075. The trading range for today is expected among the major support at 0.9890 and the major resistance at 1.0075.
The short term trend is to the upside targeting 1.0650 with steady daily closing above 0.9900.
Support: 0.9960, 0.9925, 0.9890, 0.9870, 0.9835
Resistance: 1.0050, 1.0075, 1.00100, 1.0140, 1.0175
Recommendation Based on the charts and explanations above, we recommend buying the pair around 0.9950 targeting 1.0040 and 1.0075, stop loss below 0.9885.
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