The pair pushed to the upside after building a base on 1.0575,but we find that the rising wedge pattern has appeared on the hourly chart that has breached its support; therefore paving the way towards achieving some bearish correction, where we expect it to touch 1.0595 before heading towards resuming the bullish intraday trend. The main target is around 1.0730 - resistance for the bullish short term direction, which requires the breach of support between 1.0510 - 1.0470 weakening achieving the awaited ascend.
The trading range for today is among the key support at 1.0510 and the key resistance at 1.0825.
The short term trend is to the upside as far as 0.9925 remains intact with targets at 1.1485.
Previous Report
Weekly Report
Support1.05951.05551.05101.04701.0425Resistance1.06551.07301.07451.08251.0895RecommendationBased on the charts and explanations above our opinion is buying the pair around 1.0595 targeting 1.0730 and stop loss below 1.0510, might be appropriate.
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