The pair isapproaching the retesting levels asshown yesterday around 1.2470 and has bullishly rebound due to the positivity of momentum indicators.The expected direction for today is bullish, supported by momentum indicators, alongside SMA 50 that protects the bullish direction from descending. Keep in mind that chances of achieving these expectations require stability above 1.2400; expected technical targets start at 1.2780.
The trading range for today is among the key support at 1.2400 and the key resistance at 1.2780.
The short term trend is to the downside as far as 1.3770 remains intact with targets at 1.1700.
Weekly ReportSupport1.24701.24001.23701.23001.2270Resistance1.25651.26101.26701.27001.2745RecommendationBased on the charts and explanations above our opinion is buying the pair around 1.2470 targeting 1.2610 and stop loss below 1.2400, might be appropriate.