Despite the strong upside rush yesterday, the breached support for the minor ascending channel -now a strong resistance- prevented the pair from extending the upside move as shown above. We can see the downside reversal provided Stochastic with more positivity over four-hour basis in addition to the support offered by the SMA 50 and therefore, we expect an intraday upside move today which requires the clear breach of 1.4960 and stability above 1.4725.
The trading range for today is among the major support at 1.4725 and the major resistance at 1.5100.
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 with hourly closing above 1.4960 targeting 1.5100 and stop loss below 1.4860 might be appropriate|