The pair failed in activating yesterday's bullish scenario and that caused strong decline for the pair as shown above. We can see that the pair reached 50% correction that resides with the support for the main ascending channel that organizes the current wave, also, momentum indicators are in oversold areas. Therefore, we see the likelihood for the upside rebound over intraday basis today targeting the retest of 1.4630 and then 1.4725, breaching 1.4525 will extend the downside correction.
The trading range for today is among the major support at 1.4330 and the major resistance at 1.4725.
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 1.4550 and take profit in two stages at 1.4630 and 1.4725 and stop loss below 1.4440 might be appropriate|