The pair achieved yesterday's expectations flawlessly, building a base on 1.0440 to retest this level successfully and then push to the upside. This ascend has taken path within the bullish channel sharply shown above; whereas momentum indicators are currently showing overbought signs that will force the pair to achieve some bearish movement touching through it support for these bullish channel at 1.0525, before heading towards resuming more expected bullish movement for today. Keep in mind that for the expected bullish direction to continue it requires the daily closing to build a base above 1.0435.
The trading range for today is among the key support at 1.0425 and the key resistance at 1.0745.
The short term trend is to the upside as far as 0.9925 remains intact with targets at 1.1485.
|Recommendation||Based on the charts and explanations above our opinion is buying the pair around 1.0525 targeting 1.0675 and stop loss below 1.0425, might be appropriate.|