The pair strongly descended yesterday to trade around the retest level for the previously breached downside channel's resistance level that currently turned into support at 1.5750. Yesterday's daily closing is above this level, thereby maintaining chances of resuming the expected bullish intraday direction, specifically since stochastic is giving off oversold signs. The suggested upside trend needs vital technical factors to prevail, which will start when a base is built on 1.5750 and stabilizing above it, then attacking 1.5835 and breaching it.
The trading range for today is among the key support at 1.5645 and the key resistance at 1.6000.
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 around 1.5750 targeting 1.5895 and stop loss below 1.5645, might be appropriate.|