The pair continues to trade within an ascending channel, shown above, where it is presently facing pivotal resistance at 1.0575 and impeding the upside move to resume the bullish short term direction. Momentum indicators are showing positive signs that make us expect a bullish direction over an intraday basis for today; targeting first 1.0680 and then achieve a breach that will pave the way towards heading to 1.0780. It is vital that 1.0470 remain intact so that the expected bullish direction will prevail.
The trading range for today is among the key support at 1.0470 and the key resistance at 1.0780.
The general trend is to the downside as far as 1.1870 remains intact with targets at 1.0000.
|Recommendation||Based on the charts and explanations above our opinion is buying the pair from 1.0535 targeting 1.0680 and stop loss below 1.0470, might be appropriate.|