The pair continued trading within yesterday's narrow range around SMA, where this trading is within the minor downside channel and at the same time gradually near from the key upside channel's support shown above. Stochastic accompanies oversold areas and thus we expect to witness a bullish intraday trend that will stabilize on support around 1.4015 since initial targets start around 1.4160. Note that the breach of 1.4015 will pave the way towards the bearish intraday trend.
The trading range for this week is among the key support at 1.3970 and the key resistance at 1.4365.
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 1.4015 targeting 1.4160 and stop loss below 1.3910, might be appropriate.|