The pair continued within narrow trading after inching closer to the upside channel's support level shown above, where the pair is losing bullish momentum. Hence, the fluctuation near this channel's support around 1.6040 for some time before heading towards continuing the expected bullish intraday trend due to trading within the mentioned ascending channel. The MA 50 is supporting the suggested support level, while noting the importance of stability above 1.6040 in order to resume chances of achieving expectations.
The trading range for today is among the key support at 1.5965 and the key resistance at 1.6300.
The short term trend is to the upside as far as 1.5315 remains intact with targets at 1.7000.
Support1.60401.60001.59651.59051.5855Resistance1.61001.61551.61851.62501.6300RecommendationBased on the charts and explanations above our opinion is buying the pair around 1.6040 targeting 1.6150 and stop loss below 1.5965, might be appropriate.