The pair rushed to the upside after touching yesterday's ascending channel's support level, but it was not able to surpass 1.6135 and return to trade once again around the support that ascended to 1.6055 due to the negative effect of Stochastic. If trading continues within this upside channel, expectations for a bullish intraday trend remain validtargeting areas from 1.6160 then towards 1.6300. Breaching the support levels between 1.6055 and 1.6010 could reverse the move to the downisde.
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.
Support1.60551.59901.59651.59051.5855Resistance1.61001.61601.61851.62501.6300RecommendationBased on the charts and explanations above our opinion is buying the pair around 1.6055 targeting 1.6160 and stop loss below 1.5990, might be appropriate.