The pair was able to stabilize above the previously broken descending channel, alongside stabilizing above SMA 50; thereby reinforcing chances of returning within the bullish trend as suggested yesterday. Meanwhile, level 1.3365 currently stands a vital barrier paving the way towards the awaited return within the bullish direction. Stochastic is giving off clear positive signs that encourage us to expect a bullish direction for today, which will initially start when 1.3365 is clearly breached paving the way towards 1.3600 chiefly. It is vital that a base is built above 1.3230 to insure these expectations.
The trading range for today is among the key support at 1.3230 and the key resistance at 1.3600.
The short term trend is to the upside as far as 1.2795 remains intact with targets at 1.5135
|Recommendation||Based on the charts and explanations above our opinion is buying the pair with hourly closing above 1.3365 targeting 1.3520 and stop loss below 1.3275, might be appropriate.|