The pair is stable above the first correctional 23.6% level supported by the SMA 50 in addition to the positive momentum on Stochastic. Therefore, we see the likelihood for a bullish move today targeting 1.6700. Meanwhile, breaching 1.6450 will extend the downside correction.
The trading range for today is among the major support at 1.6360 and the major resistance at 1.6700.
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 1.6450 targeting 1.6630 and stop loss below 1.6360 might be appropriate|