The support level for the ascending channel showed resilience in front of the pair's continuous attempts at moving to the downside, after the daily close above support levels - presently at 1.4875 - the bullish short term direction will remain intact; whereas yesterday's descend was merely a bearish correction set to gain positive momentum. From here we expect a bullish intraday move for today which will activated if the four-hour closing is above 1.4930 targeting initially 1.5050 and then 1.5200. It is vital that the daily close is above 1.4875 to maintain the expected bullish direction.
The trading range for today is among the key support at 1.4650 and the key resistance at 1.5140.
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 with the breach of 1.4930 targeting 1.5050 and stop loss below 1.4875, might be appropriate|