The pair is finding a hard time surpassing the pivotal resistance of1.2990, fluctuating below this level and above resistance for the previously breached bullish channel. This fluctuation has helped the pair to gain bullish momentum that we think is enough to push it towards achieving the expected bullish intraday direction. Key targets are around 1.3165, where we require the daily closing above 1.2945 to prevail.
The trading range for today is among the key support at 1.2885 and the key resistance at 1.3165.
The short term trend is to the downside as far as 1.3770 remains intact with targets at 1.1700.
Weekly ReportSupport1.29651.29451.28851.28351.2775Resistance1.29901.30301.30651.30901.3165RecommendationBased on the charts and explanations above our opinion is buying the pair around 1.2965 targeting 1.3065 and stop loss below 1.2885, might be appropriate.