After touching the awaited target yesterday at 1.0390 - achieving its lowest at 1.0410 - trading managed to rebound to the upside so the pair could breach resistance for the current descending channel, which is turned into support at 1.0450. Momentum indicators are showing bullish signs that make us expect a bullish intraday direction; main targets are at 1.1565 then 1.0680 and point to a breach of 1.0390, paving the way towards achieving the bearish correction trend.
The trading range for today is among the key support at 1.0390 and the key resistance at 1.0680.
The short term trend is to the upside as far as 0.9925 remains intact with targets at 1.1485.
Previous Report Weekly ReportSupport1.04501.03901.03351.02801.0240Resistance1.05001.05651.05951.06851.0745RecommendationBased on the charts and explanations above our opinion is buying the pair from 1.0450 targeting 1.0565 and stop loss below 1.0390, might be appropriate.