The critical support area of 1.2545 held against the pair supported by the 50 MA and positive momentum on Stochastic. Therefore, we see the likelihood for an intraday upside move targeting the channel's resistance at 1.2750; nonetheless, we should observe areas of 1.2575 closely as breaching this support activates a bearish patter which will take the pair towards 1.2470 and then 1.2340.
The trading range for today is among the major support at 1.2470 and the major resistance at 1.2750.
The short term trend is to the downside as far as 1.3770 is intact with targets at 1.1700.
Weekly ReportSupport1.25451.25051.24701.24001.2340Resistance1.26151.26601.26951.27501.2780RecommendationBased on the charts and explanations above our opinion is buying the pair around 1.2545 targeting 1.2660 and stop loss below 1.2470 might be appropriate