The pair breached the support mentioned this morning at 1.5530, but was not able to surpass 1.5500 and sharply head to the upside to return within the breached bullish channel to near the pivotal resistance at 1.5710. Momentum indicators are nearing overbought areas and thereby causing the negative pressure to return once again. Overall, we recommend observing trading today especially for the daily closing around 1.5710 and 1.5605 to obtain signs that assure the direction more accurately.
The trading range for today is among the key support at 1.5360 and the key resistance at 1.5710.
The short term trend is to the downside as far as 1.6070 remains intact with targets at 1.3800.
|Recommendation||Based on the charts and explanation above our opinion is observing the pair’s movement to insure its upcoming direction.|