Yesterday's impressive incline has fixed the bearish signal on Stochastic as seen on the provided daily chart, but actually, Stochastic is closer to the overbought zones. As we discussed several times before that hitting the upper line of Keltner channel could be an indication of an overbought case while the major classical pattern remains valid until now as far as trading remains below the head areas. Of note, a break of 1.3415-1.3435 will encourage us to suggest a bullish scenario over short term basis and we will explain this scenario in the proper time. On the downside, coming back below 1.3230 will damage bulls' attempts to retest 1.3490 zones. To recap, we will remain on the sidelines over intraday basis.
The trading range for today is among key support at 1.3180 and key resistance at 1.3550.
The general trend over short term basis is to the downside, targeting 1.1865 as far as areas of 1.3550 remain intact.
|Recommendation||Based on the charts and explanations above our opinion is, staying aside until an actionable setup presents itself to pinpoint the upcoming big move.|