The pair succeeded in achieving the suggested scenario yesterday flawlessly, but main support had descended to 1.2150 maintaining a strong stance in front of achieving more downside movement. Currently accompanying it would be positive signs appearingon Stochastic that point to a bullish intraday trend. We think that the breach of 1.2290 will pave the way towards a direct ascend towards 1.2420 initially, but keep in mind that the breach of 1.2150 will help the key bearish trend speed when dropping.
The trading range for today is among the key support at 1.2150 and the key resistance at 1.2420.
The short term trend is to the downside as far as 1.3770 remains intact with targets at 1.1700.
Previous Report Weekly ReportSupport1.22051.21701.21501.21251.2060Resistance1.22901.23601.24201.24701.2545RecommendationBased on the charts and explanations above our opinion is buying the pair with the breach of 1.2290 targeting 1.2420 and stop loss below 1.2205, might be appropriate.