The pair declined to stabilize below the critical support mentioned in our weekly report yesterday as shown on the chart above. Trading is stable within the ascending short term channel, while SMA 50 provides the needed support for the current upside wave. Stochastic entered oversold areas and accordingly we see the likelihood for the pair to return to the intraday upside move today targeting areas from 1.4500. The negative pressure on areas of 1.4330-00 might pressure the pair to extend south towards the support for the current ascending channel at 1.4200.
The trading range for today is among the major support at 1.4300 and the major resistance at 1.4580.
The short term trend is to the upside with steady daily closing above 1.2795 targeting 1.5135.
|Recommendation||Based on the charts and explanations above we recommend buying the pair around 1.4330 targeting 1.4500 and stop loss below 1.4230 might be appropriate|