The upside pressures on the pair got more tensed since the 20th of December 2016 where the price climbed from as low as 0.8373 to as high as 0.8496.
The bulls took control over the pair by more than 100 to their favor, a movement with great gains for the buyers and big losses for the sellers.
The latest appreciation of the price at the 0.8496 zone, which is today’s major pivot point level, is a good indication that the bulls could likely exert further momentum to boost the price upwards.
Stochastic oscillators’ formation signals that a probable bullish retracement, close to the 45 level, has greater chances to occur.
In the event where the pair escalates, the buyers could set their take profit target at 0.8571.
Alternatively, a bearish break-out below the 0.8449 zone could signal that the sellers may exert far greater pressures to force the price to lower areas such as the 0.8373.
· Probable trend (Bullish): 0.8496
· Bullish take profit target: 0.8571
· Stop loss target: 0.8449
· Alternative trend (Bearish): 0.8449
· Bearish take profit target: 0.8373