Intraday trend is bullish as long as support support 87 holds. The pair recovered sharply from 61.% fib support 86.30-35 and jumped more than 150 pips due to short covering. It hit a high of 87.96 at the time of writing and is currently trading around 87.87. Overall bearish trend is intact as long as resistance 91.80-92 holds.
Technicals-
The pair is trading above 34- and 55 EMA in the 1-hour chart.
The near-term resistance is around 88, a breach above targets 88.60/89/89.60/90. The immediate support is at 87.57, any violation below will drag the pair to 87/86.30/85.10/84.06.
Indicator ( 1 hour chart)
CCI (14)- Bullish
CCI (50)- Bullish
Average directional movement Index- Neutral. All indicators confirm the bearish trend.
It is good to buy on dips around 87.48-50 with SL around 87 for TP of 88.59/89.
