The negative momentum caused the pair to halt its upward movement yesterday, where we currently witness some sideway fluctuation; however, the bullish slant will prevail as long as trading is above the MA 50, alongside stability above the previously breached resistance level that has presently turned into support around 1.6120. These factors, along with attempts to achieve a positive crossover through stochastic, make us expect a bullish intraday direction that targets initially levels around 1.6345, while requiring stability above 1.6120 to continue expectations.
The trading range for today is among the key support at 1.6060 and the key resistance at 1.6345.
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 1.6120 targeting 1.6300 and stop loss below 1.5990, might be appropriate.|