The inability to breach 1.6075 entered the pair into a sideway direction between the MA 20 and 50, on the four-hour chart above. It looks like positive signs have started to appear on the pair and therefore predicting some bullish correction; but for this possibility to prevail 1.06070 must remain intact.
The trading range for today is among the key support at 1.5925 and the key resistance at 1.6300.
The general trend is to the upside as far as 1.4840 remains intact with targets at 1.7200.
Weekly Report Previous Report
|Recommendation||Based on the charts and explanations above our opinion is buying the pair from 1.6170 targeting 1.6310 and stop loss below 1.6060, might be appropriate.|