Event ought several indicators in hourly charts are suggesting a further decline, the pair has tested a key resistance at 0.8800 and is pulling back from there. The 20 SMA in four hour charts is working as a support; if it holds (currently at 0.8730) pair will remain with a bullish bias for the rest of the day. A rebound around 0.8740 could send the pair back initially to 0.8770 and if is rises further to test 0.8800 again. A break above could trigger a rally to the 0.8850 zone. The next resistance level lies at 0.8890.
To the downside, below 0.8730 the 0.8700 should offer support. The next one lies at 0.8650; lower levels are unlikely to be reach in the coming hours.
To the downside, below 0.8730 the 0.8700 should offer support. The next one lies at 0.8650; lower levels are unlikely to be reach in the coming hours.
