The pair succeeded in achieving the bullish trend scenario suggested yesterday achieving a daily closing above resistance 1.5495, whereas overbought signs keep appearing on momentum indicators that may force the pair to attempt a minor bearish correction. In overall, we await more expected bullish intraday movement that targets mainly resistance for the bullish channel 1.5700. These expectations require the daily closing above 1.5495 to prevail.
The trading range for today is among the key support at 1.5360 and the key resistance at 1.5805.
The short term trend is to the downside as far as 1.5590 remains intact with targets at 1.3800.
Support1.55401.54951.54651.54101.5360Resistance1.55801.56201.56951.57451.5805RecommendationBased on the charts and explanations above our opinion is buying the pair around 1.5540 targeting 1.5695 and stop loss below 1.5465, might be appropriate.