With the opening of trading in Asia on Monday, this currency pair is trading with a decrease in quotations, remaining within the current support level at 1.3740 and the resistance level at 1.3870, where the market chart progresses above the exponential moving averages with a period of 21 and 55 days, demonstrating the transition of the initiative to the bull camp and the development of an uptrend in this market in the short term.
On the four-hour chart, the moving averages continue to move up, but they have slowed down slightly, maintaining the divergence, which indicates in favor of strengthening the uptrend in the short term.
The technical picture also demonstrates the advantage of buyers, since the MACD histogram remains in the area above its central line, and the strength indicator of the current RSI movement has risen above the 50 line, which confirms the bullish potential of this market in the short term.
Thus, we intend to buy this trading instrument today.