The pair was able to reach the suggested target at 1.4705, which resides within support levels between the key support for the upside channel and the 61.8% correction, seen in the image above. The stochastic has entered an oversold area with a possible upside adjustment, making us expect an upside correction on the intraday basis targeting 1.4870 - 1.4915. Yet, a breach of 1.4680 to the downside will open the way for further declines on the short term.
The trading range for today is among the key support at 1.4475 and the key resistance at 1.5035
The general trend is to the upside as far as 1.4135 remains intact with targets at 1.6000
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|Recommendation||Based on the charts and explanations above, our opinion is buying the pair from 1.4705 to 1.4825 and stop loss below 1.4615 might be appropriate.|