The support level for the ascending channel strongly stood against attempts of the cable to move to the downside, which keeps the bullish short term wave intact. The stochastic is showing positive signs that support our expectations by achieving a possible bullish intraday for today which could initially target 1.6960 and remain above 1.7000; keeping in mind the importance of the daily close remaining above 1.6640 for the bullish trend to prevail.
The trading range for today is among the key support at 1.6560 and the key resistance at 1.7200.
The general trend is to the upside as far as 1.4840 remains intact with targets at 1.7200.
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|Recommendation||Based on the charts and explanations above our opinion is buying the pair at 1.6800 and targeting 1.6960 and stop loss below 1.6695, might be appropriate.|