The pair retested 76.4% correction at 1.6250 and rebounded higher to maintain stability above this support accompanied by positive signs on Stochastic over daily basis. Therefore, we expect the intraday bullishness to prevail for today targeting areas from 1.6500. Areas of 1.6250 must hold for our expectations to prevail.
The trading range for today is among the major support at 1.6200 and the major resistance at 1.6585.
The short term trend is to the upside with steady daily closing above 1.5315 with targets at 1.7000.
Weekly ReportSupport1.63001.62501.62001.61751.6110Resistance1.63501.64001.64501.65001.6585RecommendationBased on the charts and explanations above our opinion is buying the pair around 1.6400 targeting 1.6585 and stop loss below 1.6300 might be appropriate