The pair is still hovering around the critical support at 1.6250 and finding difficulty in moving higher due to the negativity on Stochastic. Therefore, we expect the volatility to prevail until the pair acquires the needed positive momentum to resume the intraday upside move expected for today supported by the SMA 50 and targets 1.6500. Breaching areas of 1.6250 and stability below it might push the pair south initially towards 1.6150.
The trading range for today is among the major support at 1.6150 and the major resistance at 1.6500.
The short term trend is to the upside with steady daily closing above 1.5315 with targets at 1.7000.
|Recommendation||Based on the charts and explanations above our opinion is buying the pair around 1.6250 targeting 1.6400 and stop loss below 1.6175 might be appropriate|