Through the chart above, we witness that the pair was unable to resume the four hour interval above the previously breached upside channel's support level that is currently turning into resistance at 1.3445; thesecondary image clarifies the key ascending channel. This level forces the pair to head to the downside since we expect it to revisit the intraday ascending channel's support level at 1.3270 before rebounding to continue the expected bullish intraday direction. Stochastic has entered oversold areas and thereby reinforcing expectations that require building a base on 1.3270 to prevail.
The trading range for today is among the key support at 1.3270 and the key resistance at 1.3625.
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 around 1.3270 targeting 1.3445 and stop loss below 1.3175, might be appropriate.|