The pair rushed to the upside breaching 1.1990, trading in the channel shown above, and also extending the upside move towards 61.8% at 1.2150, which meets the resistance for the downside channel. Therefore, we see the likelihood for an intraday upside move targeting the aforesaid resistance, supported by the formation of a bullish pattern with the neckline at 1.2045. Our expectations remain valid as far as areas of 1.1975 remain intact.
The trading range for today is among the major support at 1.1870 and the major resistance at 1.220.
The short term trend is to the downside as far as 1.3770 is intact with targets at 1.1700.
Weekly ReportSupport1.19751.19101.18701.18451.1785Resistance1.20451.20851.21501.22201.2290RecommendationBased on the charts and explanations above our opinion is buying the pair with the breach of 1.2045 targeting 1.2150 and stop loss below 1.1975, might be appropriate