FXstreet.com (Buenos Aires) - After approaching to the 1.6100/10 key long term support area, pair rebounded strongly to the upside, mounted on rising U.S. stocks and gold prices, and turned positive in the day, quoting now at 1.6230; 4 hours charts show pair has reached the 23.6% retracement of the last down leg measured from 1.6567 to 1.6133, today's low. 38.2% lies at 1.6300 area, so confirmations above 1.6235, mentioned 23.6%, should send the pair close to that 1.6300 zone. Failure to break above will mean pair has just corrected and a downside continuation is likely for the next sessions.
Daily charts remain slightly bearish, with price under 20 SMA that anyway remains quite flat; momentum continues pointing to the downside, while current candle, far from closing, is forming a doji, suggesting some consolidation before further definitions. Anyway and in the midterm, pair needs to regain far away 1.6520 to regain the bullish bias.