The pair stabilized trading below pivotal support 1.0510; thus pointing out that the minor bearish technical pattern has been formed, although the SMA 100 is standing as strong support in front of achieving more bearish movement.Stochastic is showing bullish signs that support SMA and protect the previously expected bullish trend; thus encouraging us to expect a bullish intraday direction; targeting first 1.0675, but keep in mind the importance of the four-hours closing below 1.0470 and will cause ascending attempts to fail.
The trading range for today is among the key support at 1.0390 and the key resistance at 1.0740.
The short term trend is to the upside as far as 0.9925 remains intact with targets at 1.1485.
Previous Report Weekly Report
Support1.04701.04251.03651.03301.0300Resistance1.05101.05651.06301.06751.0740RecommendationBased on the charts and explanations above our opinion is buying the pair with the breach of 1.0510 targeting 1.0630 and stop loss below 1.0425, might be appropriate.