The pair neared the awaited primary first target around 1.2625 rebounding to the upside due to the effect of bullish momentum appearing on the four hour chart, where the pair is losing this momentum ; whereasSMA 50 is forming resistance for the bearish shot term trend. Thus, we can expect a bearish intraday direction; targeting 1.2570, keeping in mind the importance the daily closing below 1.2730 to maintain chances of achieving it.
The trading range for today is among the key support at 1.2470 and the key resistance at 1.2770.
The short term trend is to the downside as far as 1.3770 remains intact with targets at 1.1700.
|Recommendation||Based on the charts and explanations above our opinion is selling the pair around 1.2730 targeting 1.2625 and stop loss above 1.2770, might be appropriate.|