The pair built a base above SMA 50 helping the pair gain a push to the upside heading towards pivotal resistance around 1.5785, representing the top for last Friday's trading. This level is forming the neckline for the bullish technical pattern and thereby making us expect a bullish trend over an intraday basis; targeting first, the strength of the downside channel's resistance level at 1.5885. Note that stabilizing above 1.5690 isessential to resume expectations.
The trading range for today is among the key support at 1.5650 and the key resistance at 1.5975.
The short term trend is to the upside as far as 1.5315 remains intact with targets at 1.7000.
|Recommendation||Based on the charts and explanations above our opinion is buying the pair with the breach of 1.5785 targeting 1.5885 and stop loss below 1.5700, might be appropriate.|