The pair succeeded in stabilizing above the main support at 1.6250 -76.4% Fibonacci correction- and we can see how Stochastic unloaded the negative momentum yesterday to enter oversold areas. Therefore, we expect an intraday upside move today targeting 1.6500 and require stability above 1.6250.
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|