1.0470/65 target hit...All shorts covered. We are a little oversold on 60 min and 240 min charts and therefore we could see a small bounce this session, possibly the early part of the session.

We have trendline resistance at 1.0496, therefore 1.0500 should pose a problem for buyers. We shall see if we can break this barrier and if we can there is scope once more for 1.0565.

If however we remains in a sideways pattern this also can help ease the oversold conditions..

1.0465 remains support...If lost we can travel lower to 1.0425 and that will encourage buyers back in the market thus sellers are expected to cover all shorts to here.