The pair is finding a hard time building a base above pivotal resistance 1.5495 due to the negative effect from momentum indicators that continues trading within the main bullish channel shown above. We think that the effect of the bullish technicalpattern shown in our reports yesterday is still intact; therefore, we can expect a bullish intraday trend as its key targets are around 1.5695. It is vital that 1.5360 stabilize to achieve these expectations.
The trading range for today is among the key support at 1.5360 and the key resistance at 1.5695.
The short term trend is to the downside as far as 1.5590 remains intact with targets at 1.3800.
Support86.8086.3085.9585.3585.00Resistance87.2587.6588.0088.6589.00RecommendationBased on the charts and explanations above our opinion is buying the pair with the breach of 1.5495 targeting 1.5695 and stop loss below 1.5360, might be appropriate.