The pair stabilized above the previously breached resistance for the descending channel that has currently turned into support around 1.3120, alongside trading above the 50 MA, supporting the expected bullishness suggested in our previous reports. Stochastic provided negative signs that might cause fluctuation, where the pair needs to breach 1.3380 to return to the breached ascending channel. We expect to a bullish intraday direction with the breach of 1.3380 and stability above 1.3180.
The trading range for today is among the key support at 1.3120 and the key resistance at 1.3520.
The short term trend is to the upside as far as 1.2795 remains intact with targets at 1.5135.
Weekly ReportSupport1.32751.32151.31801.31201.3080Resistance1.33801.34501.35201.35701.3620RecommendationBased on the charts and explanations above our opinion is buying the pair with hourly closing above 1.3380 targeting 1.3520 and stop loss below 1.3275, might be appropriate.