After trades stabilized near main support for the descending channel, where the cable is facing the minor resistance level that impedes achieving the expected bullish direction for yesterday at 1.5950. Stochastic is showing oversold signs alongside positive reversal signs that support our previous expectations that point to a bullish direction over an intraday basis; main target is at 1.6240 and essentially requires the four hours to close above 1.5905, in addition to keeping an eye on awaited data from the US economy today.
The trading range for today is among the key support at 1.5735 and the key resistance at 1.6240.
The general trend is to the upside as far as 1.4840 remains intact with targets at 1.7200.
|Recommendation||Based on the charts and explanations above our opinion is buying the pair with the breach of 1.5950 targeting 1.6020 and stop loss below 1.5905, might be appropriate.|