The pair descended to trade around the awaited retest level around 1.6125 highlighted in red in the image above, accompanied by stochastic entering oversold areas and making us expect a bullish intraday direction supported by the MA 50 that pushes the pair from the bottom. The expected targets start around 1.6300, while requiring stability above levels between 1.6125 - 1.6040.
The trading range for today is among the key support at 1.5955 and the key resistance at 1.6415.
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 1.6125 targeting 1.6300 and stop loss below 1.5990, might be appropriate.|