The pair pushed to the upside in an attempt to insure the breach of the neckline shown yesterday for the suggested bullish technical pattern at 1.4770, where the volatile resistance led the pair to descend. This level is represented in the retest level for the bearish technical pattern over an intraday short term basis that has previously been breached, shown in the following image (click here for the image). Momentum indicators are supporting the strength of this resistance and therefore we will witness some fluctuation and some minor bullish correctional slant before heading towards resuming the bullish intraday direction, which has started with a clear breach of resistance between 1.4770 - 1.4795. It points out that stability above 1.4585 is vital to achieve the awaited technical targets for today that start at 1.4850 then 1.4960.
The trading range for today is among the key support at 1.4635 and the key resistance at 1.4960.
The short term trend is to the downside as far as 1.5590 remains intact with targets at 1.3800.
Previous Report Weekly Report
Support1.47301.46501.46151.45751.4500Resistance1.47701.47951.48501.49301.4960RecommendationBased on the charts and explanations above our opinion is buying the pair with the breach of 1.4770 targeting 1.4960 and stop loss below 1.4650, might be appropriate.